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2023 Financial Condition Report For Fiscal Year Ended March 31, 2023
State Tax Collections Declined in SFY 2022-23 from $121.1 Billion to $111.7 Billion
In SFY 2022-23, reported New York State tax collections decreased by 7.8 percent, primarily reflecting the one-time homeowner’s property tax relief credit, and enhanced earned income and child tax credits.
Personal income tax (PIT) collections declined by 16.8 percent due, in part, to financial market volatility during 2022 which resulted in a 26 percent decline in securities industry bonuses as well as lower tax rates on the middle class effective January 1, 2023.
The 5.1 percent increase in Consumption and Use Taxes was due, in part, to continued inflation partially offset by the impact of the suspension of sales and excise taxes on motor fuel from June 1 to December 31, 2022.
The Pass-Through Entity Tax (PTET) Obscuring Collections Trends
The PTET provides a way for certain taxpayers to avoid the $10,000 limit on federal itemized deductions for state and local taxes (SALT) by imposing a tax on the business entity (S-corporations, LLCs, and partnerships) rather than imposing the PIT on individual members of the business.
PTET collections totaled $14.9 billion in SFY 2022-23, a decline of 9 percent
Members of the business entities are authorized to claim a PIT credit for their shares of the PTET paid.
Approximately $11.5 billion in credits were claimed in returns filed for the 2021 tax year.
The State Budget Relies Heavily on the Personal Income Tax
Personal income tax collections:
Made up 52.6 percent of New York State’s tax collections in SFY 2022-23.
Were lower than the 58.4 percent in SFY 2021-22 due to the PTET credits claimed for the 2021 tax year, one-time property tax credits and enhanced earned income and child tax credits.
Only Oregon had a greater reliance on the personal income tax, 62.3 percent of total tax collections. Nationwide, over two-thirds of the states rely more heavily on sales and user taxes.
Tax Burden Increases
The combined federal, State, and local tax burden in New York State was $384 per $1,000 of personal income in fiscal year 2022, an increase from $372 in 2021.