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State's tax collections dipped by nearly 5 percent

New York State's tax collections declined $3.7 billion, or 4.7 percent, in the past fiscal year, according to state Comptroller Thomas P. DiNapoli.

The state ended its fiscal year on March 31 with tax receipts totaling $75.6 billion, according to the year-end state cash report.

For the month of March, tax receipts were $811.7 million above Division of the Budget projections.

“After months of concern over lower-than-expected tax collections, the state ended the fiscal year on a positive note,” DiNapoli said. “The sharp revenue declines in December and January, however, remind us to take nothing for granted. With expectations of a slowing economy and ongoing concerns regarding federal fiscal policies, a strong commitment to building robust reserves in preparation for the next economic slump is essential.”

Personal income tax receipts for the 2018-2019 fiscal year totaled $48.1 billion, a decline of $3.4 billion, or 6.6 percent, from 2017-18.

Consumption and use taxes rose to $17.4 billion, up $645 million, or 3.9 percent, from the previous year.

Business tax receipts were $7.9 billion, an increase of 10.4 percent.

Miscellaneous receipts totaled $31.2 billion, some $3.2 billion more than initially planned, in part because of unanticipated monetary settlements of more than $1 billion.

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