State residents paid more in personal income tax than estimated and the comptroller sends out a warning.
New Yorkers paid more in taxes in the first quarter of the State Fiscal Year according to a report from the state comptroller’s office. State tax receipts totaled $33.2 billion that’s $3.3 billion higher than the first quarter of 2024 and $580.5 million higher than the most recent Division of the Budget estimates according to the monthly State Cash Report. New York State Comptroller, Thomas DiNapoli, said the higher tax collections were primarily from personal income tax collections on 2024 income. DiNapoli warned that “Slowing employment and economic growth may present a challenge in the coming months.”
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