Menu
Tax Notes logo

New York Comptroller Analyzes Fiscal 2022 Enacted Budget

Dated May 3, 2021

SUMMARY BY TAX ANALYSTS

The New York state comptroller released a report on the state’s fiscal 2022 enacted budget, which totals an estimated $212 billion across all funds, almost 10 percent more than the previous year; new revenue provisions — including increases to the top personal income tax rates and the corporate franchise tax rate, as well as marijuana and gaming taxation — are expected to result in a net revenue increase of $3.65 billion.

The budget reflects funds received through the federal American Rescue Plan Act of 2021 (P.L. 117-2), which will provide $12.6 billion in direct relief to the state, as well as support critical programs to assist households and small businesses most affected by the COVID-19 pandemic.

The comptroller also issued a press release summarizing the major findings of his report.

Copy RID