The first quarter of New York's 2026-2027 fiscal year produced $37.2 billion in state tax receipts, approximately $2.4 billion higher than budget estimates. That's according to State Comptroller Thomas DiNapoli's monthly state cash report. DiNapoli adds that those collections were $4 billion greater than the first quarter of the previous fiscal year. He attributes the higher projections to strong business tax collections, which amounted to $9.4 billion. DiNapoli added, "However, caution is warranted as geopolitical conflicts and changing trade policies have contributed to higher inflation, financial market volatility, and slowing employment growth."
