Press Releases

State Fiscal Outlook Improves in Mid-Year Update to Financial Plan

FOR IMMEDIATE RELEASE: October 31, 2023 Media Contact: press@fiscalpolicy.org June Cash Receipts Continue to Stabilize Following April Volatility As FPI projected earlier this month, Financial Plan update reduces projected FY 2025 budget gap by over 50 percent If current revenue trends continue, next fiscal year's projected budget gap would further narrow ALBANY, NY | October 31, 2023 — Following the release of the Mid-Year Update to the Fiscal Year 2024 Financial Plan this week, [...]

Latest Census Data Confirms New York Losing Residents to Neighboring States with Lower Housing Costs

New Census data revealed that New York State lost a net total of 244,100 people in 2022. The latest Census data, which details state-to-state migration patterns, confirms the Fiscal Policy Institute's prior findings: New Yorkers are primarily moving to neighboring states with a lower cost of living, and in particular, lower housing costs. Meanwhile, less than half of New Yorkers are leaving for low tax states. This data confirms State fiscal policy should focus on turning New York into a place where people can afford to live and raise families — from investing in universal childcare and high-quality public education to affordable housing and reliable public transit. Conversely, budget cuts or underfunding will only hinder New York's economic recovery. Increasingly unaffordable housing and childcare, combined with shrinking state services, will continue to drive both individuals and businesses out of our state.

2023-10-21T15:14:47-04:00October 20th, 2023|Migration, Press Releases, Tax Policy|

FPI: Recent Investment Firm Relocations Unlikely to Result in State Tax Loss

FOR IMMEDIATE RELEASE: August 23, 2023 Media Contact: press@fiscalpolicy.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 [...]

2023-09-06T13:37:29-04:00August 23rd, 2023|Press Releases, State Budget|

July Cash Receipts Remain Steady for Third Straight Month

For Immediate Release: August 16, 2023 Media Contact: press@fiscalpolicy.org 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 [...]

2023-09-06T13:41:36-04:00August 16th, 2023|Financial Plans & Cash Reports, Press Releases|

June Cash Receipts Continue to Stabilize Following April Volatility

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.

May Cash Receipts Begin to Stabilize Following April Volatility

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."

Statement on FY 2024 Budget

Budget relies on temporary tax rates for corporations and highest earners — state's long-term fiscal stability would be better served by making tax rates permanent. Failure to address high cost of living will continue to drive working & middle-class New Yorkers out of state — and undermine statewide economic growth.

2023-09-06T13:49:57-04:00May 2nd, 2023|Press Releases, State Budget|

FPI Statement on FY 2024 Executive Budget

FOR IMMEDIATE RELEASE: February 1, 2023 Media Contact: press@fiscalpolicy.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 [...]

2023-09-08T10:47:07-04:00February 2nd, 2023|Press Releases, State Budget, Tax Policy|

Fiscal Policy Institute on State of the State

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."

2023-09-08T10:27:21-04:00January 10th, 2023|Press Releases, State Budget, Tax Policy|

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

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 represents a 5.1% annual increase — making New York the fifth fastest growing job market in the United States."

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