NY Tax Revenue Beats Estimates by $682 Million Through September

New York state tax receipts totaled $54.6 billion through the first six months of the fiscal year, exceeding the state Division of the Budget’s expectations by $682.1 million, Comptroller Thomas DiNapoli said Wednesday.

Growth in wages and the financial market pushed personal income tax receipts to $28.9 billion, $646.8 million above projections in the division’s enacted financial plan for 2024-2025, he said. That’s $2.9 billion higher than the same period in fiscal year 2023-24.

• Business taxes, which include collections from the pass-through entity tax, totaled $13 billion—exceeding projections by $8.9 million.
• Sales tax receipts increased by $223.6 million, or ...