July State Tax Collection Comes in Below Expected
Tax collections were $18 million below updated projections during July, but receipts since the start of the fiscal year were 13.3 percent higher than last year because of strong personal income tax (PIT) receipts in April.
The July cash report released by New York State Comptroller Thomas P. DiNapoli also found July tax collections were 5.2 percent higher than last year, largely from an additional collection day for PIT withholding this month.
All Funds tax collections increased 13.3 percent to $23.5 billion through the first four months of SFY 2013-14, primarily due to growth in PIT collections. PIT collections grew 17.7 percent with almost 90 percent of the growth from estimated tax collections from April. Withholding collections, taxes that are paid directly from paychecks and the state’s second largest revenue source after federal receipts, increased 4.8 percent through July, largely because of the additional collection day that month.
The General Fund closing balance of $4.4 billion at the end of July was $10.2 million lower than projections from the First Quarterly Update of the Financial Plan, which was released August 2. This reflects $8.4 million in lower than anticipated receipts and $1.8 million in higher than anticipated spending.