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Department of the Treasury


For Immediate Release:
April 18, 2023
Media Contact:
Darryl Isherwood
Melinda Caliendo

Treasury: Total Major Taxes Met Expectations, up by 3.7 Percent in March

(TRENTON) - The Department of the Treasury reported today that March revenue collections for the major taxes totaled $3.684 billion, up $130.1 million, or 3.7 percent over last March. Treasury continues to expect Fiscal Year 2023 collections growth to moderate in the coming months, particularly with the Gross Income Tax now that the spring tax filing season has begun. This year’s final payments are expected to drop significantly from last year’s historically high totals. Fiscal year-to-date total collections of $30.141 billion are up $737.2 million, or 2.5 percent over the same period last year.

March collections for the Gross Income Tax (GIT), which are dedicated to the Property Tax Relief Fund, totaled $1.067 billion, down $120.5 million or 10.1 percent lower than last March. The decrease in revenues was primarily attributable to a higher level of refunds. Net collections were supported by 3 percent growth in employer withholding, which showed resilience given that average Wall Street bonuses for 2022 were down by 26 percent, according to the New York State Comptroller. Fiscal year-to-date collections of $12.289 billion are higher by $302.7 million, or 2.5 percent.

The Sales and Use Tax (SUT), the largest General Fund revenue source, totaled $855.8 million, an increase of $19.9 million or 2.4 percent above last March. The month of March, which reflects February consumer activity due to a lag in reporting and payment, is typically one of the lowest months of the year for SUT collections. Fiscal year-to-date collections of $8.477 billion are up $460.6 million, or 5.7 percent over the same period last year.

The Corporation Business Tax (CBT), the second largest General Fund revenue source, totaled $417.8 million in March, an increase of $52.2 million or 14.3 percent over last year. The increase in net collections was mainly due to a sharp drop in refunds, while final payments and estimated payments were moderately lower. Fiscal year-to-date collections of $3.026 billion are up $14.6 million, or 0.5 percent above the same period last year.

Pass-Through Business Alternative Income Tax (PTBAIT) payments totaled $771.3 million in March, up $61.7 million or 8.7 percent over the same month last year. March is a key month for PTBAIT revenues, as final payments for the preceding tax year were due on March 15. Fiscal year-to-date revenues of $2.930 billion are up $93.4 million, or 3.3 percent over last year.

For the Insurance Premiums Tax (IPT), March 1 marks the due date for the first prepayment of half of the estimated calendar year liability for IPT payers. The majority of payments are received in late February and early March. March collections of $122.2 million were $37.9 million, or 45.1 percent higher than last year. When combining February and March, collections of $296.4 million were $15.2 million, or 4.9 percent lower than the combined total for the same period last year. Fiscal year-to-date revenues of $346.0 million are down $24.8 million, or 6.7 percent below last year.

Realty Transfer Fee revenues of $29.3 million were $20.7 million, or 41.4 percent lower than last March. Collections have now fallen for six consecutive months year-over-year, with March revenues close to pre-pandemic levels. Median home prices have continued decelerating, but housing inventories remain relatively low, preventing rapid declines in sales prices. The drop in volume of home sales on a year-over-year basis remains the primary driver behind the reduced Realty Transfer Fee collections. Fiscal year-to-date collections of $375.0 million are down $84.0 million, or 18.3 percent lower than last year.

Please see the attached chart for monthly and yearly revenue collection comparisons.


Last Updated: Tuesday, 04/18/23