DiNapoli: State tax revenue in the first half of the fiscal year exceeds projections by $2.4 billion
State tax revenue totaled $58.4 billion in the first half of State Fiscal Year (SFY) 2022-23, beating the latest projections from the 2020 First Quarter Update, $4 billion, according to the September State Treasury Report released by State Comptroller Thomas P. DiNapoli.
“Tax collections continued to be ahead of projections through September,” DiNapoli said. “However, there are economic uncertainties and risks that could impact revenues in the coming months. The strengthening of rainy day reserve funds on or before the schedule proposed in the adopted budget financial plan should be a priority.”
- Personal income tax (PIT) revenue totaled $33.2 billion and was $2.4 billion higher than the latest fiscal plan projections from the State Budget Division (DOB) until September 30. , reflecting, in part, the effects of the Pass Through Entity Tax (PTET), which allows certain taxpayers to make corporate tax payments rather than personal income tax payments.
- Year-to-date consumption and use tax collections totaled $10.3 billion, including $9.5 billion from sales tax, or 5.3% or 518.2 million more than the same period last year, and $130.9 million more than expected by DOB. Business taxes totaled $12.9 billion, double the amount collected through last September, but $560.2 million below the latest projections in the DOB’s fiscal plan. The large year-over-year increase is primarily the result of TFWP collections.
- Spending by all funds through September totaled $96.2 billion, up $4.4 billion, or 4.8%, from the same period last year. Spending for all funds through September was $5 billion lower than the latest projections in DOB’s financial plan, primarily due to lower-than-expected spending on local assistance payments.
- The State’s General Fund ended September with a balance of just under $50 billion, $4.8 billion more than DOB forecast and $30 billion more than the year the same period, primarily due to TFW recoveries, higher than expected tax recoveries and lower than expected expenses. .
September cash report
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