New York's revenue picture has brightened considerably in the first three months of the state's fiscal year, a report released Friday by Comptroller Tom DiNapoli's office found.
The report found tax receipts between April and June exceeded initial estimates by $4.8 billion. It's yet another potential sign of the state's economy recovering after being frozen amid the COVID-19 pandemic.
“The state is rebounding from the economic impacts of the COVID-19 pandemic," DiNapoli said. “Strong tax collections, coupled with an unprecedented infusion of federal aid, give the state an opportunity to improve its long-term fiscal stability and better prepare for future uncertainties. The state should use these revenues to bolster reserves or for pay-as-you-go funding for critical infrastructure projects."
Tax revenue in June reached $30.9 billion, nearly $17 billion more than same period last year. That was spurred in large part by a $13.45 billion increase in revenue from the personal income tax. Consumption and use tax collections reached $4.8 billion, amounting to $1.5 billion more than the same period last year.