ALBANY – A consumer spending spree as COVID-19 waned fueled a remarkable growth in New York tax revenue, giving the state a rosy fiscal picture.
State tax receipts exceeded the anticipated revenue by a whopping $4.8 billion from April through June, helping the state recover its losses from the pandemic that shuttered most businesses for months in mid 2020, Comptroller Tom DiNapoli said Friday.
“The state is rebounding from the economic impacts of the COVID-19 pandemic,” DiNapoli said. “Strong tax collections, coupled with an unprecedented infusion of federal aid, give the state an opportunity to improve its long-term fiscal stability and better prepare for future uncertainties.”
The tax windfall comes after the state closed a $15 billion deficit for the fiscal year that started April 1 through a combination of higher taxes on the wealthy, better than expected revenue and $12.6 billion in federal stimulus aid.
The extra money allowed New York to make…