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Sunday, December 22, 2024

New York state's combined tax revenues down 15.1% from Q2 to Q3 2023

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Amanda Hiller Acting Tax Commissioner at New York State Department of Taxation and Finance | New York State Department of Taxation and Finance

Amanda Hiller Acting Tax Commissioner at New York State Department of Taxation and Finance | New York State Department of Taxation and Finance

Combined tax revenues in New York decreased 15.1% in the third quarter of 2023 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, New York collected $26.7 billion in taxes during the third quarter of 2023, compared to $31.4 billion in the previous quarter.

The majority of the state’s tax revenue was collected through income taxes ($16.6 billion) and general sales and gross receipts taxes ($8.5 billion).

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Q3 New York state Tax Collections
Type of TaxAmount (millions)
Income Taxes$16,582
Sales and Gross Receipts Taxes$8,468
Other Taxes$1,289
License Taxes$146
Source: U.S. Census Bureau

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