NY state tax collections reflect struggling economy

Reuters News
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Posted: Dec 19, 2011 12:43 PM

NEW YORK, Dec 19 - (Reuters) - New York state's tax collections have come in $71.7 million below recently adjusted estimates, reflecting "an economy that continues to struggle," state Comptroller Thomas DiNapoli said in a statement on Monday.

DiNapoli's November cash report showed all-funds tax collections have come in at $39.1 billion since April, when the state's fiscal year began.

"We've seen the growth in tax collections slow throughout the year," DiNapoli said. "Financial sector downsizing as well as lower profits and bonuses on Wall Street may result in lower-than-expected state revenues over the next several months."