New York state collections were about $3.3 billion higher in the first quarter of 2025 than they were during the same period in 2024, state Comptroller Tom DiNapoli announced in a new report Wednesday.

The comptroller said state tax receipts also totaled $33.2 billion, about $581 million higher than the most recent Division of the Budget estimates.

“Higher tax collections for the state primarily reflect strong personal income tax collections on 2024 income,” DiNapoli said in a statement. “Slowing employment and economic growth may present a challenge in the coming months, along with the potential impact of tariffs and federal policy changes that have yet to be fully realized.”

Personal income tax receipts totaled $19.2 billion and were $66.3 million above projections through the first quarter. However, receipts were nearly $3 billion higher than the same period last year, the comptroller said, reflecting, in part, the 24.9% increase in collections from the settlement of the 2024 tax year.

DiNapoli said the state’s general fund ended June with a balance of $53.6 billion, $2.7 billion higher than projected and $4 billion higher than last year, primarily due to higher-than-anticipated tax collections and lower-than-anticipated spending.