State tax receipts for May were down 19.7 percent compared to the year before, according to the monthly state cash report.
Comptroller Tom DiNapoli announced the state was down $766.9 million in monthly tax earnings, pointing to a closed economy as the reason for this decline in revenue.
“With an economy still suffocated by a global pandemic, the state’s finances took another serious hit in the month of May,” DiNapoli said. “We are now clearly seeing the recession’s impact on tax receipts. As we continue to slowly re-open the economy, it’s critical that Washington act on our call for more federal aid.”
May also saw a decline in personal income tax withholding revenues by more 9 percent compared to the year before, a decrease of around $291.8 million. In his report, DiNapoli points to the downtick of shoppers and economic activity.
The State General Fund did end with a balance of $7.3 billion, which was $1.1. billion higher than the last projection by the State Budget Division.
The pandemic has left its toll on workers as well, with unemployment ballooning to to more than 14 percent in April as schools and non-essential businesses closed to prevent the spread of the virus.