New York state tax revenues fell by $3.7 billion, or 4.7 percent, last year — the largest collapse since the 9/11 attacks — but officials downplayed the significance.
Trying to find a bright side, state Comptroller Thomas DiNapoli said things could have been worse since a surge in collections last month staved off an even steeper drop.
“After months of concern over lower-than-expected tax collections, the state ended the fiscal year on a positive note,” he said.
“The sharp revenue declines in December and January, however, remind us to take nothing for granted. With expectations of a slowing economy and ongoing concerns regarding federal fiscal policies, a strong commitment to building robust reserves in preparation for the next economic slump is essential.”
The primarily culprit was a 6.6 percent decrease in personal income tax revenues, which came in at $48.1 billion — $3.4 billion less than the previous year.