January Cash Report Reveals 3.3 Percent Growth

The January cash report released by State Comptroller Thomas DiNapoli states that tax collections from April through January totaled $55.9 billion, a growth of 3.3 percent from the same period last year.

Tax collections to date are $538.2 million more than projections updated in the Executive Budget last month.

DiNapoli says the good news is that for the second month in a row personal income tax collections were higher than anticipated. And the state received a boost in receipts because high-income taxpayers shifted income into 2012 in response to changes in federal tax law occurring in 2013.

With continuing challenges, including cuts in federal Medicaid reimbursement, DiNapoli says caution should be used in forecasting revenue for next year’s budget.