New York’s sales tax receipts exceeded expectations through the first quarter of the year by $1.7 billion dollars according to a report released by the New York State Comptroller’s Office. The state’s tax receipts totaled $34.4 billion through the first quarter of the state’s fiscal year 2022-23’.
“The revenue news for New York was positive for the first quarter,” New York Comptroller Thomas DiNapoli said. “However, economic headwinds are increasing, and may alter the trajectory for the remainder of the fiscal year. Bolstering rainy day reserve funds on or ahead of the schedule included in the Enacted Budget Financial Plan should be a priority.”
Sales tax receipts weren’t the only thing up though according to the report released by the comptroller’s office. Personal Income Tax were also $1.7 billion dollars above predictions totaling $21.6 billion dollars through the first quarter.