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DiNapoli: NY Tax Receipts Again Miss Projections

Posted By Jon Campbell On December 19, 2012 @ 2:54 pm In Other | Comments Disabled

New York’s tax receipts again came in lower than estimates last month, with the state collecting a total of $163.4 million less than projected through November.

From the beginning of the fiscal year through November, New York collected a total of $39.2 billion. That’s $702.4 million than what had originally been projected in April. (The estimates were revised downward last month.)

“It is clear that tax collection growth is not going to meet year-end expectations amid a continued slow economic recovery,” DiNapoli said in a statement. “While the Division of the Budget is effectively managing cash flow, the upcoming budget proposal needs to include realistic projections for the rest of this year and the next so potential cash shortfalls can be addressed effectively.”

The state’s mid-year financial plan, released late last month, projected growth of 2.9 percent in tax collections this year compared to last. But receipts rose by just 0.4 percent through November, according to DiNapoli’s report.

November 12 [1]


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URL to article: http://statepolitics.lohudblogs.com/2012/12/19/dinapoli-ny-tax-receipts-again-miss-projects/

URLs in this post:

[1] November 12: http://www.scribd.com/doc/117415422/November-12