Tax & Budget

Personal Income Tax Revenue Exceeds Projections in Mid-Year Financial Plan

PIT receipts continue to bring in significant revenue & effectively support state spending Press Contact: Monica Klein, 917-565-0715 press@fiscalpolicy.org NEW YORK, NY | November 15, 2022 — In its Mid-Year Financial Plan Update, the New York State Division of the Budget (DOB) reported that tax revenues continue to exceed previous projections. Personal Income Tax (PIT) receipts continue to outperform expectations — bringing in $48.95 billion — nearly $2 billion more than projected in the enacted budget financial [...]

FPI Statement on New NYS Labor Data and Comptroller DiNapoli’s Labor Force Report

New York added 456,000 jobs from June 2021 to June 2022 — making New York the fifth fastest growing job market in the United States Press Contact: Monica Klein, 917-565-0715 press@fiscalpolicy.org NEW YORK, NY | November 22, 2022 — Nathan Gusdorf, Executive Director of the Fiscal Policy Institute, today released the following statement:  “Recent data released by the Bureau of Labor Statistics today reveal New York State added 456,000 jobs from June 2021 to June 2022, which [...]

October Cash Basis Report shows higher than expected Personal Income Tax receipts

Last three financial plan revenue estimates dramatically underestimated PIT revenue Press Contact: Monica Klein, 917-565-0715 press@fiscalpolicy.org NEW YORK, NY | November 21, 2022 — The New York State Comptroller this week released its October 2022 cash basis report, which documents recent trends in state spending and revenue. Key Points: In fiscal year 2023, New York’s personal income tax (PIT) has raised $35.1 billion year to date. Since Covid, the last three financial plans have all dramatically underestimated [...]

Inequality in New York & Options for Progressive Tax Reform

View and Download PDF November 10, 2022 KEY FINDINGS: A new report from the Institute on Taxation and Economic Policy (ITEP) finds that New York State is home to the highest concentration of extreme wealth in the United States. New York State also has the greatest income inequality in the United States. In order to understand inequality, we need to look at both income and wealth. By both of these measures, New York is the most unequal state in the nation. New Yorkers [...]

FPI Testifies to NYS Senate on Fines and Fees

FPI's Chief Economist, Jonas Shaende, was invited to testify before the New York State Senate Standing Committee on Codes and the New York State Senate Standing Committee on Crime Victims, Crime, and Corrections. Dr. Shaende spoke in support of the proposed S.3979C (Salazar)/A.2348B (Niou), the End Predatory Court Fees Act. Testimony: Full Text

Local Governments Across New York State Must Re‐examine Fine and Fee Revenue

Many local governments across New York State ‐ particularly small town and village governments ‐ rely on fine and fee revenue as part of their annual budget, with more than 30 towns and villages having a reliance of ten percent or greater on this type of revenue. Much of it is generated through Justice Courts which have jurisdiction over vehicle and traffic violations, evictions, small claims, and certain criminal offenses. Click here to read the full report: Local Governments Across New York State Must Re‐examine [...]

2021-08-31T21:11:42-04:00August 31st, 2021|Fact Sheets, Local Tax & Budget Policy|

New York State Fines and Fees Revenue Lacks Transparency, Obscures Economic Harms

New York State relies on fine, fee, and surcharge revenue to fund government operations- including the functions of the courts and state agencies providing criminal justice, public safety, and victim services. This funding is generated via a complex set of state statutes, including penal, vehicle and traffic, environmental conservation, judiciary, and finance laws and is spent through the General Fund and a bevy of State Special Revenue Funds. No one state government entity or agency is charged with comprehensively reporting on the imposition, collection, and [...]

Fact Sheet: State and Local Government Employment Has Been Largely Static, With Full-Time Jobs Eliminated in Critical Areas

Full-time employment in state government jobs grew by only 1 percent in New York State between 2010-2019, with the number of those employed totaling just over 236,000 in 2019. At the same time, local government employment decreased by 1 percent for full-time employees, with the number of employed totaling just over 882,000 in 2019, down from 893,000 in 2010. Full-time employment losses in both state and local government affected the areas of health, natural resources, and social and public welfare. Employment losses in health and [...]

Fact Sheet: Black New York Workers Have Been Hit Hard By The Pandemic Statewide

THE COVID‐19 PANDEMIC HAD AN UNPRECEDENTED EFFECT ON THE JOBS AND INCOMES OF NEW YORK STATE RESIDENTS, in addition to upending social norms and taking the lives of thousands. However, the pandemic’s burden was not evenly distributed across our population. The Fiscal Policy Institute found that Black workers statewide, who already had a higher rate of unemployment prior to the pandemic, experienced even greater losses. Our first analysis compares the employment measures among Black New Yorkers between March to November 2019 and March to November [...]

A Tax Credit for Working New Yorkers

New York State’s Earned Income Tax Credit (EITC) is a proven program that working New Yorkers rely on. The EITC keeps more money in workers’ pockets, providing more money to spend on essentials like food, transportation, housing, education, and child care. The EITC is a critical support for workers, their families, local economies, and the state! Before the pandemic, far too many New Yorkers were unable to earn a stable and sufficient income through work. This problem persisted despite the recent increases to our state’s [...]

A Tax Credit for New York State Workers Hit Hardest by the Pandemic

Our state's Earned Income Tax Credit (EITC) keeps more money in workers' pockets, helping them pay for essentials including food, transportation, housing, education, and child care, as well as cover extra expenses. This tax credit is even more beneficial during the pandemic. The New York State Assembly's FY 2022 One-House Budget Proposal includes expanding the state EITC from 30 percent of the federal credit to 40 percent of the federal credit beginning in Tax Year 2021. That is a 25 percent increase to the maximum [...]

2021-03-23T16:43:56-04:00March 23rd, 2021|Blog, NYS Budget, NYS Tax Policy, Tax & Budget|

Fact Sheet: New York State Must Invest in Not‐for‐Profit Service Providers to Protect New Yorkers and Advance Equity

The Social Assistance subsector includes workers who provide direct and vital social assistance services to consumers, including vulnerable and at-risk populations and communities. It consists of the following industry groups: Individual and Family Services; Community Food and Housing, and Emergency and Other Relief Services; Vocational Rehabilitation Services; Child Day Care Services.1 In 2019, there were nearly 380,000 people estimated to be employed in New York’s social assistance subsector by not-for-profit, government, and private employers, 133,000 of whom (35 percent) were employed by not-for-profits. In New York State, total not-for-profit employment is largest in the Individual and Family Services and Child and Day [...]

One Year Into Pandemic, Thousands Of Excluded Workers Are Still Begging For Relief

This Gothamist article tells the personal story of an excluded worker and the on-going efforts in New York State to create an excluded worker fund. Excluded workers are those who have lost work due to COVID, but have been excluded from any federal or state relief (federal stimulus or state unemployment due to their immigration status or recent incarceration. “The need is urgent,” said David Dyssegaard Kallick, director of the Fiscal Policy Institute’s Immigration Research Initiative. “Unemployment insurance has been a lifesaver to so many [...]

Report Finds $3.5B Needed for Aiding Excluded Workers During Pandemic

The New York State Senate and Assembly both supported creating a fund to provide unemployment insurance to workers who are excluded from the unemployment insurance system, primarily undocumented immigrants and people leaving incarceration during the Covid-19 pandemic. Both houses included $2.1 billion in their one-house budgets. The report shows that while $2.1 billion is an impressive signal from the legislature, $3.5 billion is the amount that is needed to match the minimum benefits other workers receive and to continue that aid through the end of [...]

Unemployment Compensation for Excluded Workers: $3.5 Billion Needed for 2020 and 2021

The New York State Assembly and Senate both support creating a fund to provide unemployment insurance to workers who are excluded from the unemployment insurance system, primarily undocumented immigrants and people leaving incarceration during the Covid-19 pandemic. Both houses included $2.1 billion in their one-house budgets this week, the starting points for negotiating the final state budget. This is an impressive commitment to a critical priority. However, matching the minimum level of benefits that other unemployed New Yorkers receive and extending the aid through the [...]

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