State Treasury revenue collections in March reached $3.951 billion, marking a $553 million increase from March of the previous year. The increase of 16.3% was primarily driven by contributions from the Pass-Through Business Alternative Income Tax (PTBAIT), which rose by 39.3%, and the Corporation Business Tax (CBT), which increased by 41.2%.
The overall fiscal year shows major revenues of $31.063 billion, which is $1.603 billion, or 5.4%, higher than the same period last year. This aligns with the anticipated year-end growth forecast of 5.0%.
Gross Income Tax (GIT) collections were $1.108 billion for March, reflecting an increase of $38.3 million, or 3.6%, from last year. This growth is attributed to employer withholdings and final payments, despite being offset by higher refunds. Wall Street bonuses, which increased by 31.5% according to the New York State Comptroller, likely contributed to the higher employer withholdings.
A timing issue in 2024 led to higher refunds, as Tax Year 2023 refunds were issued earlier than usual. Year-to-date, GIT collections total $12.758 billion—a 7.8% increase from last year.
Sales and Use Tax (SUT) revenues reached $905.2 million, $26.5 million, or 3.0%, above last March. The growth was affected by a delay in a cannabis tax revenue transfer. Without this delay, sales tax growth would have been 5.0% higher than last March. Fiscal year-to-date, SUT collections of $8.868 billion have increased by $301.9 million, or 3.5%, from last year.
March CBT collections totaled $459.7 million, with a $134.1 million or 41.2% increase from last year, driven by higher-than-expected estimated payments and lower refunds. The fiscal year’s CBT totals $2.710 billion, which is slightly up by 0.2% from last year.
PTBAIT payments amounted to $939.1 million in March, increasing by $265 million, or 39.3%, from the same month last year. Both final and extension payments, along with estimated payments, showed higher growth. A notable non-recurring extension payment was $100 million. Fiscal year-to-date revenues have risen by 6.2% to $3.267 billion.
For the Insurance Premium Tax (IPT), collections on March 1 marked the due date for the first prepayment. March saw collections increase by 137.1% year-over-year to $57.3 million. However, combined February and March collections of $313.4 million were slightly down by 1.5% compared to last year. Year-to-date collections through March stand at $219.2 million, reflecting a 31.3% decrease from last year.
Realty Transfer Fee revenues stood at $34.2 million in March, a 29.3% increase from last year. Positive growth has been recorded for 10 of the last 11 months. Fiscal year-to-date revenues total $344 million, up by 18.1% from the previous year.
The Treasury Department noted ongoing economic uncertainties, stating, “Economic news of recent weeks is not yet affecting revenues. Treasury’s Office of Revenue and Economic Analysis continues to monitor the situation.”
