State Comptroller Tom DiNapoli released the August cash report this week, which found that state tax collections have exceeded budgetary projections.

 

Comptroller DiNapoli said:

 

“We’ve seen robust collections in April followed by continuing strength in sales tax receipts, and nearly $550 million in unexpected miscellaneous revenues.  Our largest in-state source of revenue, income tax withholding, is growing. However, the growth is slightly below updated projections for year-end. Much of the good news so far this year comes from one-time windfalls.”

 

This supports one piece of the New ERA plan which calls for the state to cut its sales tax in half for Upstate counties with high unemployment or high population loss.