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New York Tax Revenue Falls 17.3% in June, Comptroller Says

July 16, 2020, 3:02 PM

New York state’s tax revenue fell by $1.5 billion in June, a 17.3% drop from the previous year, according to state comptroller Thomas DiNapoli

  • June tax receipts were $475m below state Division of Budget projections: DiNapoli
  • State spending though June was $6.3b below financial plan projections as the state withholds payments to local governments in response to fiscal uncertainty
  • “All eyes are on Washington. New York and its localities badly need more federal aid if they are to respond fully to the COVID-19 crisis,” DiNapoli said
  • Unemployment insurance payments in June totaled about $13.5b, compared with $135.6m a year earlier ...