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Tax collections lag in New York

Rochester Business Journal
November 21, 2012

Tax collections in New York continue to lag expectations, with the state shortfall likely to worsen because of expenses related to Hurricane Sandy, Comptroller Thomas DiNapoli announced Wednesday.

Collections of $35.9 billion through October were $170.8 million below projections in July and $259.8 million below initial estimates, the Office of the New York State Comptroller said.

“Tax revenue estimates should be revised downward,” DiNapoli said in a statement. “Adjustments should also factor in the additional costs from Hurricane Sandy.

“As recovery efforts continue, realistic projections are critically important for the state to effectively manage its available resources.”

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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