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2016 Financial Condition Report For Fiscal Year Ended March 31, 2016
Tax Collections Continue to Rise
In State Fiscal Year 2015-16, New York State tax collections increased by over 5 percent.
Over the past five years, New York State tax collections have increased by over 16 percent. In comparison, the inflation rate for the same time period was 5.4 percent and the average wage growth was 16 percent.
The combined federal, State and local tax burden in New York State was $323 per $1,000 of personal income in fiscal year 2015.
At the local level, over 60 percent of all property taxes are collected by school districts.
The State Relies Heavily on the Personal Income Tax as a Major Source of Revenue
Personal income tax:
makes up over 60 percent of New York State’s tax collections.
has increased in collections by more than 21 percent over the past five years.
Only Oregon has a heavier reliance on the personal income tax than New York State. Nationwide, states rely more heavily on sales and user taxes.
Collections for consumption and use taxes, New York State’s second largest tax revenue source, increased by 8 percent over the past five years.