Streams

State taxes are up, but risk remains warns DiNapoli

Wednesday, July 20, 2011 - 03:05 PM

(Courtesy of the Comptroller's office)

State Comptroller Thomas DiNapoli's office delivered some good news this morning: taxes have come in almost $800 million above what was expected during the recently ended 2011-2012 fiscal year. But he warned in a press release not too be too optimistic.

“Revenue collections in the first quarter were strong, but our fiscal health is tenuous,” DiNapoli said. He continued:

We received the last of the significant federal stimulus funding in June, and the temporary PIT surcharge ends in the third quarter this year. The federal debt limit crisis, weakness in the housing market, and international financial and political instability continue to pose threats to the recovery. The Blue Chip consensus economic forecasts for growth continue to be revised downward. State leaders need to focus on diversifying our economic base, creating jobs, and rebuilding reserves to prepare the state for any fiscal difficulties ahead.

Both personal income and business taxes rose, with the later up 32 percent from last year. Republican Senate Majority Leader Dean Skelos chimed in with a press release echoing the comptroller's cautionary tone.

"Today’s report by Comptroller DiNapoli, showing that tax collections for the first quarter of the State’s Fiscal Year have far outpaced recent estimates, is encouraging, and we must continue to monitor this situation over the next six months," Skelos said in a release. If the savings continue, he said, state government should focus on cutting taxes to individuals and businesses.

Tags:

More in:

Comments [1]

Lets hope the Legislatures can't read they will want to comeback and spend it.

But if there is a nice surplus next year that will be a nice election year budget NO CUTS

I wonder how this will effect the union voting on their contract ?

Before there was the "Oracle at Delphi" there was Count Vampire J. Machiavelli

VJ Machiavelli
www.VJMachiavelli.blogspot.com
The Legislative Budget is Too Damn High

Jul. 21 2011 03:23 AM

Leave a Comment

Email addresses are required but never displayed.

Get the WNYC Morning Brief in your inbox.
We'll send you our top 5 stories every day, plus breaking news and weather.

Sponsored

"The Capitol Pressroom" with Susan Arbetter at 11 am

For show archives, please visit The Capitol Bureau's website here.

About The Empire

Everything you need to know about New York politics and governance. We aim for a ground-up approach to politics, reverse engineered to make the effect just as important as the players and the game they play. From the Long Island to The Thousand Islands, New York City Hall to the Capitol Building, The Empire's got you covered.

Check out WNYC's 2013 Mayor Tracker--the one-stop shop for info about the candidates, issues and trends in the upcoming New York City mayoral election.

 

Our Reporters

Feeds

Supported by