Comptroller: state tax collections are slowing down
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- October
- 20
ÂÂ ÂÂ There is some good news and someÂÂ bad news about the state’s financial well being: Overall General Fund tax collections were up 11.2 percent six months into the fiscal year compared to last year, even though the economy has been volatile, according to a report released today by state Comptroller Thomas DiNapoli. However, trends show that the growth is slowing, theÂÂ study found.ÂÂ Business taxes are down 13 percent from last year, and the growth in personal income tax is starting to drop off.
ÂÂ ÂÂ The comptroller’s report found that total personal income tax collections grew 15.4 percent threw September when compared with last year. They were up 24.6 percent for the first three months of the fiscal year. Meanwhile, business-tax collections through SeptemberÂÂ were down $356.7 million from last year.
ÂÂ ÂÂ “The state started the fiscal year with surprisingly strong personal income-tax collections that fueled growth in state revenues. But that growth is falling off and things are looking very shaky,” DiNapoli said in a stateent. “Personal income taxes will likely decline significantly when Wall Street bonus payments drop off in December and January.
ÂÂ ÂÂ Despite the state spending reductions taken this year, the state “faces potentially unprecedented deficits,” he said.
This entry was posted
on Monday, October 20th, 2008 at 12:57 pm by Cara Matthews.
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