The personal income tax (PIT) is the single largest source of revenue for the State of New York, accounting for two out of every three tax dollars collected by the State. Accordingly, the State’s overall financial health and its ability to sustain investments in public services is linked to PIT collections. This report describes recent trends in personal income taxpayer filings between 2015 and 2019.
Historic federal aid and better-than-expected revenues allowed for a steep increase in spending in the Enacted Budget. However, sustaining new recurring commitments over a longer time period may be difficult as new economic risks emerge, federal funding is spent down, and temporary tax revenues sunset. Bolstering reserve funds is essential for ensuring services New Yorkers rely on can be preserved through economic challenges and fiscal uncertainties.
In March, the Office of the State Comptroller approved 1,950 contracts for state agencies and public authorities valued at $3.6 billion and approved nearly 3.7 million payments worth nearly $35.1 billion. The office rejected 147 contracts and related transactions valued at $1.4 billion and more than 9,100 payments valued at more than $30.9 million, primarily for mistakes, insufficient support for charges, and improper payments. More information on these contracts and payments is available at Open Book New York.
Crain’s New York Business published an op-ed from New York State Comptroller Thomas P. DiNapoli today on the need for greater transparency and accountability in budgeting for the use of federal relief funds. The full op-ed is below:
The new state budget reflects robust tax revenue growth and an unprecedented infusion of federal money.
New York State Comptroller Thomas P. DiNapoli issued the following statement today following Amazon’s agreement to conduct and publicly release an independent racial equity audit, led by former U.S. Attorney General Loretta Lynch, that will look into “disparate racial impacts” from its employment practices on its hourly workers. As a result of the agreement, DiNapoli and the New York State Common Retirement Fund will withdraw the shareholder proposal they had filed for consideration at Amazon’s annual meeting on May 25.
The New York State Department of Environmental Conservation’s (DEC) inadequate monitoring and enforcement has resulted in landowners enrolled in two private forest conservation programs receiving property tax exemptions of up to 80% for which they may be ineligible, according to an audit by New York State Comptroller Thomas P. DiNapoli.
New York State Comptroller Thomas P. DiNapoli today announced that, as a result of recent shareholder proposals he has filed on behalf of the New York State Common Retirement Fund (Fund), companies are taking action to address investment risks posed by climate change and impacts of environmental justice.
The state Department of Health (DOH) made $965 million in payments to providers, including facilities, for services ordered, prescribed, referred, and attended by practitioners who were not enrolled in the health care program, including those who had been barred due to misconduct, according to an audit released today by State Comptroller Thomas P. DiNapoli. Two other audits released today found an additional $17 million in overpayments.
New York State Comptroller Thomas P. DiNapoli announced today the following audits have been issued.
Tax collections for State Fiscal Year (SFY) 2021-22 totaled $121.1 billion — $3.3 billion higher than forecast by the Division of the Budget (DOB) in the Amended Executive Budget financial plan released in February, and more than $30 billion higher than DOB’s initial forecasts from May 2021, according to the March State Cash Report released today by New York State Comptroller Thomas P. DiNapoli.
