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2018 Financial Condition Report For Fiscal Year Ended March 31, 2018
State Tax Collections Increased Significantly in SFY 2017-18
In SFY 2017-18, New York State tax collections increased by 6.6 percent.
From 2014 to 2018, New York State tax collections have increased by 13.8 percent.
The combined federal, State and local tax burden in New York State was $334 per $1,000 of personal income in fiscal year 2017.
At the local level, over 60 percent of all property taxes 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 65 percent of New York State’s tax collections in SFY 2017-18.
Has increased in collections by nearly 20 percent from 2014 to 2018.
Only Oregon has 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 is scheduled to expire as of December 31, 2019, under current law, reducing the top rate to 6.85 percent. 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 11 percent from 2014 to 2018.
