Wall Street meltdown could cost state $3.5 billion in taxes

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ALBANY — State Comptroller Thomas DiNapoli estimates the turmoil on Wall Street could cost New York up to $3.5 billion in tax revenue over the next year and a half.

DiNapoli says preliminary September data show the fallout from New York City’s financial markets “is starting to hit the state hard,” and market volatility and federal intervention could raise or lower his estimates. The state budget is about $120 billion.

The comptroller’s office also says earlier projections that the securities industry will lose 25,000 jobs are too low. Its new review estimates the number of jobs lost could reach 40,000.

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