Personal Income and Business Tax Collections Down in June

Personal income tax and business tax collections were down in June compared to last year, but the state’s General Fund balance ended the month higher than anticipated.

This came in part because of a $250 million regulatory settlement according to the June cash report released by New York State Comptroller Thomas DiNapoli. Gross personal income receipts in June rose from a year ago, but an increase in tax refunds contributed to a $21.8 million decline in net receipts.

Business tax collections during June fell $97.2 million from a year earlier, largely because of a drop in bank taxes. The General Fund closing balance of $4.8 billion at the end of the first quarter was $1.2 billion higher than enacted budget projections. This reflects $763.4 million in higher than anticipated receipts and $444.8 million in lower than anticipated spending.

DiNapoli's office issues the monthly cash report as part of its statutory duties and provides it to the public as part of the comptroller's efforts to increase transparency and accountability for state finances.