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NYS Comptroller

THOMAS P. DiNAPOLI

2019 FINANCIAL CONDITION REPORT

Taxes


Total Reported State Tax Collections SFY 2019 Reported State Tax Collections By Tax Type Share of Property Tax by Government Entity in 2018 (Excluding NYC) Taxes of New York Taxpayer per $1,000 of Personal Income Total State Revenues by Revenue Type

Reported State Tax Collections Decreased in State Fiscal Year (SFY) 2018-19

  • In SFY 2018-19, reported New York State tax collections decreased by 4.7 percent, reflecting factors including:
    • Taxpayer behavior in response to the federal Tax Cuts and Jobs Act (TCJA) that went into effect on January 1, 2018; and
    • The movement of approximately $1.4 billion in payroll mobility tax (PMT) revenues off-budget.
  • From 2015 to 2019, reported New York State tax collections have increased by 6.5 percent.
  • The combined federal, State and local tax burden in New York State was $323 per $1,000 of personal income in fiscal year 2018.
  • At the local level, property tax revenues are the largest single tax source overall. Over 65 percent of all property taxes in New York are collected by school districts.

The State Relies Heavily on the Personal Income Tax as a Major Source of Revenue

  • Personal income tax:
    • Made up 64 percent of New York State’s tax collections in SFY 2018-19.
    • Has increased in collections by 10 percent from 2015 to 2019.
  • Only Oregon and Virginia have a heavier reliance on the personal income tax than New York State. Nationwide, states rely more heavily on sales and user taxes.
  • The State’s top personal income tax rate of 8.82 percent was extended to December 31, 2024. Changes in the State’s top tax rate can have significant impacts in the overall level of State tax revenue.
  • Collections for consumption and use taxes, New York State’s second largest tax revenue source, increased by nearly 13 percent from 2015 to 2019.

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