NY State Tax Revenues Projectected To Grow

State Comptroller Thomas DiNapoli projects the state’s tax revenues will grow by 2.5 percent to $90.1 billion in state fiscal year 2014-15, according to the Comptroller’s annual Quick Start Report released Wednesday in accordance with the Budget Reform Act of 2007.

Under state law, the Comptroller, Governor and Legislature are required to separately submit by November 5, separate reports detailing receipts and disbursements estimated for the current and ensuing fiscal years.

DiNapoli projects tax receipts are expected to rise 4.7 percent, or $3.1 billion, in the current fiscal year, with most of that growth having already been received due to payments on prior-year obligations in April 2013.

DiNapoli’s projections for All Funds tax receipts are $69.4 billion, or $71 million higher than the latest estimates from the Division of the Budget (DOB) for SFY 2013-14.