According to State Comptroller Thomas P. DiNapoli, tax revenue for the first quarter of the new fiscal year are down over $315 million from projections and over $1.2 billion less than in the same period last year.

DiNapoli says one reason for the decline is that taxpayers are anticipating an overhaul to the federal tax code by the Trump administration. While personal income tax revenues were down, DiNapoli says business tax collections are well over estimates.