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.
2021 Financial Condition Report For Fiscal Year Ended March 31, 2021
State Tax Collections Decreased Slightly in SFY 2020-21 from $82.9 Billion to $82.4 Billion
In SFY 2020-21, reported New York State tax collections decreased by 0.6 percent, primarily reflecting the adverse economic impact of the COVID-19 pandemic.
Collections for consumption and use taxes, New York State’s second largest tax revenue source, were the lowest since SFY 2016-17 and declined 10.6 percent from the previous year.
A 24.4 percent growth in personal income tax collections, buoyed by an estimated 6.8 percent increase in securities industry bonuses, tempered the overall decline in tax receipts.
The State Budget Relies Heavily on the Personal Income Tax
Personal income tax collections:
Made up two-thirds of New York State’s tax collections in SFY 2020-21.
Increased by 16.8 percent over the past five years.
Only Oregon has a greater reliance on the personal income tax than New York State, 67.6 percent of total tax collections. Nationwide, over three-quarters of the states rely more heavily on sales and user taxes.
Effective January 1, 2021, the State’s top personal income tax rate increased to 10.9 percent which will be in effect until December 31, 2027. Changes in the State’s top tax rate can have significant impacts in the overall level of State tax revenue.
Tax Burden Declines
The combined federal, State, and local tax burden in New York State was $327 per $1,000 of personal income in fiscal year 2020, a decline from $342 in 2019.
At the local level, property tax revenues are the largest single tax source overall. Over 62 percent of all property taxes in New York are collected by school districts.
