This Google™ translation feature is provided for informational purposes only.
The New York State Office of the State Comptroller's website is provided in English. However, the "Google Translate" option may help you to read it in other languages.
Google Translate™ cannot translate all types of documents, and it may not give you an exact translation all the time. If you rely on information obtained from Google Translate™, you do so at your own risk.
The Office of the State Comptroller does not warrant, promise, assure or guarantee the accuracy of the translations provided. The State of New York, its officers, employees, and/or agents are not liable to you, or to third parties, for damages or losses of any kind arising out of, or in connection with, the use or performance of such information. These include, but are not limited to:
damages or losses caused by reliance upon the accuracy of any such information
damages incurred from the viewing, distributing, or copying of such materials
Because Google Translate™ is intellectual property owned by Google Inc., you must use Google Translate™ in accord with the Google license agreement, which includes potential liability for misuse: Google Terms of Service.
2020 Financial Condition Report For Fiscal Year Ended March 31, 2020
Reported State Tax Collections Increased in State Fiscal Year (SFY) 2019-20
In SFY 2019-20, reported New York State tax collections increased by 9.7 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, which reduced receipts in SFY 2018-19;
Continuing economic growth through most of SFY 2019-20; and
Enhanced collection of sales taxes on Internet purchases.
The combined federal, State and local tax burden in New York State was $342 per $1,000 of personal income in fiscal year 2019.
At the local level, property tax revenues are the largest single tax source overall. Over 63 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 65 percent of New York State’s tax collections in SFY 2019-20.
Has increased in collections by 14 percent from 2016 to 2020.
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 in effect until 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 14.5 percent from 2016 to 2020.
