State tax receipts in New York reached $59.9 billion through September, marking the midpoint of the State Fiscal Year 2025-26, according to the latest monthly State Cash Report from New York State Comptroller Thomas P. DiNapoli. This figure is $702.2 million above projections set by the Division of Budget (DOB).
Comptroller DiNapoli commented on the data, stating, “Higher state tax collections largely stem from robust personal income tax collections, fueled by continued income growth in 2025. But the federal government shutdown and other policy shifts in Washington could weigh heavily on New York’s economy and revenues over the remainder of the state’s fiscal year.”
Compared to last year, state tax collections have increased by $5.2 billion for this period. Personal income tax receipts were reported at $33.5 billion, which is nearly $4.6 billion higher than during the same period in SFY 2024-25 and $756.5 million above DOB estimates.
Consumption and use taxes collected so far total $11.9 billion, representing a 4.9% increase over last year and exceeding DOB projections by $253.4 million. The majority of these gains come from sales tax receipts, which rose by $544 million or 5.3% through September.
Business taxes—including revenue from the Pass-Through Entity Tax—totaled nearly $13 billion but were down both compared to last year and against DOB expectations.
On the spending side, All Funds expenditures reached $119.9 billion through September, up almost $7.5 billion or 6.7% from last year due mainly to increased Medicaid costs; however, this was still $1.1 billion below DOB forecasts because of lower capital projects spending.
State Operating Funds spending totaled $65.8 billion through September—an increase of $5.3 billion or 8.7% over last year—and was also under budget projections by about $1.2 billion.
The General Fund closed September with a balance of $57.6 billion—$4.1 billion higher than anticipated by DOB and up by $5.2 billion compared to last year at this time—a result attributed primarily to higher-than-expected tax revenues and reduced spending.
For further details, see the full September Cash Report as well as related financial plan documents.
