New York's tax revenue is down $2 billion from last year through January, according to a report on Thursday issued by Comptroller Tom DiNapoli's office.
Still, the tax revenue overall is $1.7 billion higher than initially estimated by the state Division of Budget.
Nevertheless, it's another sign the state's economy continues to struggle during the COVID-19 pandemic. The state is seeking $15 billion in aid from the federal government to close a budget gap made worse by the crisis.
“State tax receipts continue to come in stronger than expected, but year-to-date collections are still far below last year,” DiNapoli said. “It is important that President Biden’s relief package is passed to prevent cuts to vital services in New York.”
The budget is due to pass by the end of March.