Since last year, we have heard dire warnings about the state’s fiscal picture. Governor Cuomo blamed President Trump for capping deductions New Yorkers could make for State and local taxes at $10,000. Revenues in general were predicted to be a little tight as we headed into the new fiscal year.

Well as it turns out, things aren’t quite as bad as we were told. According to the Comptroller’s office, total year to date tax collections for the State of New York are at $11.6 Billion. That is $60.4 Million higher than projections. And $3.7 Billion above what they were at this point last year.

So contrary to the belief that New York State is in some kind of economic free fall, the opposite appears to be true. Sure, it’s a long year ahead, and things can certainly change, but for now the fiscal outlook is pretty solid.

The numbers are significant because during the State budget process, there was much wrangling over what the economic forecast should be. And many lawmakers were very unhappy they didn’t have more money for education to bring home to their districts.


In a statement, Freeman Klopett, a spokesperson for the New York State Division of Budget says,

“We are still in just the first inning when it comes to the impacts of the cap on SALT deductions and our fiscal discipline will continue to provide the flexibility we need to adapt. No matter how you slice it, the unconstitutional cap on SALT deductibility will increase taxes by more than $600 billion nationwide, overwhelmingly impacting New York and similarly situated states that’s made only more egregious by the fact that New York is already the number one “donor state” in the nation – contributing $36 billion more to the federal government than we get back every year. The SALT cap makes this imbalance worse, putting New York at a competitive disadvantage and raising taxes on New Yorkers by $15 billion annually — all so that large corporations and other states can reap the rewards.”