NYS State Tax Receipts Exceed Estimates, Collections Lower in 2023

According to State Comptroller Thomas DiNapoli, state tax receipts totaled $27.6 billion through the first quarter of State Fiscal Year 2023-2024.

That’s over $450 million higher than estimates released in the Division of the Budget’s Enacted Budget Financial Plan. However, collections were $6.8 billion lower than last year through the quarter ending in June.

DiNapoli says that while state revenue collections performed better than estimates, the economy is sending mixed signals that “cloud” the state’s fiscal outlook. He adds his office will continue to monitor economic conditions and what it means short- and long-term for New York’s finances.