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Tax collections lag in New York

By THOMAS ADAMS - 11/21/2012 1:32:32 PM

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.”

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