New York is staring down a massive hole. It’s not just a budget crisis, though.
According to Comptroller Tom DiNapoli, tax receipts are $3.2 billion lower than in 2019. For the month of August receipts are nearly $220 million less than in 2019.
“Tax revenues continue to fall short of levels needed to fund education, health care and other vital services in this year’s budget,” DiNapoli said. “The revenue hole the pandemic created is getting deeper. Unless Washington acts to provide further fiscal relief for New York, painful budget decisions lie ahead.”
Personal income and sales tax receipts are higher than early projections during the pandemic, but significantly lower than in 2019.