Comptroller Says Tax Collections Still Lower Than Projected
The State Comptroller finds that tax revenues are coming in at a lower than expected rate. The news comes just days before Governor Cuomo is scheduled to release his state budget.
State Comptroller Tom DiNapoli says three quarters through the fiscal year, revenues are still down by over $230 million dollars. He says the state will likely end its year in balance, though because of Governor Cuomo’s and the legislature’s decision to continue an income tax surcharge on the rich that took effect on January 1st.
“The message is we’re still in very tight fiscal position,” said DiNapoli. “We need to very carefully monitor what the revenues are and what the spending is so that we end this year in balance.”
The news about the continued gap comes just days before Governor Cuomo is to introduce his new state budget plan. The gap for next year is estimated to be around $2 billion dollars, and comes at a time of continued economic weakness in New York and the nation.