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What you need to know for 07/27/2017

State tax collections up 3.3 percent: comptroller

State tax collections up 3.3 percent: comptroller

New York’s comptroller says state tax collections for the first 10 months of the state fiscal year t

New York’s comptroller says state tax collections for the first 10 months of the state fiscal year total nearly $56 billion, up 3.3 percent from the same period a year earlier and $538 million more than projected.

Comptroller Thomas DiNapoli says the boost in personal income tax receipts, up 4.7 percent or $1.6 billion from a year earlier, is partly due to high-income taxpayers shifting income into 2012 in response to federal tax increases in 2013, including bonus payments and asset sales at the end of December.

He says the state’s general fund had a closing balance of $7.1 billion on Jan. 31. That was $1 billion higher than the latest projections.

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