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NY behind on tax collection
January 16, 2012 - Chris Morris
New York state isn't meeting tax collection projections for the first three quarters of the 2011-12 fiscal year.
That's according to a report released today by state Comptroller Thomas DiNapoli. He said tax collections are trailing projections by more than $230 million.
"It's important to recognize that even though tax receipts are up from the previous year, economic growth remains sluggish and the economy fragile," DiNapoli said in a prepared statement. "We must continue to monitor spending and revenue closely for the remainder of this fiscal year to ensure we stay in balance. The tax code actions taken to address the deficit are expected to help both this year and next."
DiNapoli said "year-to-date" tax collections were actually up about 8.6 in 2011 when compared to 2010. Most of that growth happened in April and has since slowed. December's tax collection numbers were down 2.7 percent from the previous year.
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