FOR IMMEDIATE RELEASE: September 21, 2023 Media Contact: firstname.lastname@example.org June Cash Receipts Continue to Stabilize Following April Volatility "Public services should keep pace with the growth of the state economy, in particular during a time of economic uncertainty" ALBANY, NY | — In response to the State Division of the Budget directive to State agencies ordering a spending freeze at current levels next year, Fiscal Policy Institute Executive Director Nathan Gusdorf released the following [...]
FOR IMMEDIATE RELEASE: September 18, 2023 Media Contact: email@example.com June Cash Receipts Continue to Stabilize Following April Volatility August State funds receipts 7.4% above projections and 11.7% above 2022 levels ALBANY, NY |— The State Comptroller released its August Cash Report Friday, showing that August tax receipts came in over projections and over August 2022 levels: August 2023 receipts $8.31 billion August 2023 projections: $7.74 billion August 2022 receipts: $7.44 billion Following the [...]
September 12, 2023 Key Findings: In August 2023, the City updated its cost estimates for providing shelter and support to asylum seekers, adding $2.33 billion in expected City costs in the current fiscal year (FY24) and $4.1 billion in the next fiscal year (FY25). The 15% PEG announced in September 2023 would result in a $9.6 billion cut in the current fiscal year (FY24) and a $9.7 billion cut in the next fiscal year (FY25). Statement from Fiscal Policy Institute Executive Director Nathan Gusdorf: [...]
FOR IMMEDIATE RELEASE: August 23, 2023 Media Contact: firstname.lastname@example.org FPI: Recent Investment Firm Relocations Unlikely to Result in State Tax Loss “These business decisions are unlikely to have a noticeable effect on the state’s tax revenues” ALBANY, NY — Fiscal Policy Institute Executive Director Nathan Gusdorf today released the following statement: “A recent article stated that New York State lost ‘$1 trillion in assets’ due to a number of asset management firms moving their headquarters out [...]
For Immediate Release: August 16, 2023 Media Contact: email@example.com July Cash Receipts Remain Steady for Third Straight Month "Three months of strong tax receipts confirm State economy remains robust & align with improving economic forecasts" ALBANY, NY | August 16, 2023 — The State Comptroller released its July Cash Report today, showing that July tax receipts came in over projections and over July 2022 levels: July 2023 receipts: $7.75 billion July 2023 projections: $6.87 [...]
The New York State Comptroller's June cash basis report shows that tax receipts for the month of June have stabilized after a shortfall in April. The stable June receipts confirm that New York’s tax base and economy remain strong, and that shortfalls in April reflected weaker-than-expected capital gains in tax year 2022 rather than an imminent downturn.
Following the release of the State Comptroller's May Cash Report yesterday, Fiscal Policy Institute Executive Director Nathan Gusdorf today released the following statements: "The New York State Comptroller's May cash basis report shows that total tax receipts for fiscal year 2024 to date are 3.4 percent over the projections in the Enacted Budget financial plan, with Personal Income Tax receipts to date exceeding such projections by 5.5 percent."
Following the release of the State Senate and Assembly Budget Proposals, the Fiscal Policy Institute today released annual revenue estimates for the Personal Income Tax, Corporate Tax, and Corporate Tax Surcharge proposals.
March 8, 2023 Most businesses do not pay the corporate tax. Only corporations pay the corporate tax, and approximately 95% of businesses are not corporations.  Most businesses are partnerships, LLCs, S-corporations, or sole proprietorships, none of which pay the corporate tax. The biggest corporations pay most of the tax. More than 80% of corporations in New York pay less than $1,000 in tax.  Around 75% of all New York corporate tax revenue comes from the 500 most [...]
FOR IMMEDIATE RELEASE: February 1, 2023 Media Contact: firstname.lastname@example.org FPI Statement on FY 2024 Executive Budget "As we head into a possible recession, it is essential to invest in the public services that stabilize the quality of life and the cost of living for working New Yorkers" ALBANY, NY | February 1, 2023 — Fiscal Policy Institute Executive Director Nathan Gusdorf today issued the following statement: “While Governor Hochul’s budget recognizes the importance of [...]
In response to Governor Kathy Hochul’s 2023 State of the State, Fiscal Policy Institute Executive Director Nathan Gusdorf today issued the following statement: “In her State of the State, Governor Kathy Hochul laid out a wide-ranging agenda that identified many of the crises facing New Yorkers — but was silent on the need for new revenue. The Governor cannot deliver on an agenda to expand affordable housing and healthcare, strengthen our schools, and transition our state to a green economy without new funding. There is no credible vision to rebuild New York after Covid without new revenue."