2017 Financial Condition Report

For Fiscal Year Ended March 31, 2017

Taxes

2017 Financial Condition Report
For Fiscal Year Ended March 31, 2017

Tax Collections Declined in SFY 2016-17

  • In SFY 2016-17, New York State tax collections decreased by 0.4 percent.
  • From 2013 to 2017, New York State tax collections have increased by 12.2 percent.
Total State Tax Collections
  • The combined federal, State and local tax burden in New York State was $352 per $1,000 of personal income in fiscal year 2016.
    SFY 2017 State Tax Collections by Tax Type
  • At the local level, over 60 percent of all property taxes are collected by school districts.
Share of Property Tax by Government Entity in 2015

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 18.2 percent from 2013 to 2017.
Taxes of New York Taxpayer per $1,000 of Personal Income
  • 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 nearly 11 percent from 2013 to 2017.
Total State Revenues by Revenue Type