February 9, 2021
Congress has passed another spending plan relieving New York of its current deficit that through tax collections and scrutiny by fiscal watch dogs is 1/4 of early estimates. The state’s federal receipts will be $84B for 2021-22, an increase of $20B and extinguish the deficit, providing total cash receipts of $193B. Personal income tax receipts are expected to recover from a reduction – 2020-2021- of $2B and grow in 2022 to approx. $60B. This may explain why S-2522 was held in committee. The ever present question: can the state control its excessive spending and keep the tax burden low enough to stop the flight of taxpayers? Past performance indicates: NO. S-2522 was held in budget and revenue. [see below]
Waiver from HOS limitation rules: NYS DOT has extended the waiver it granted last week through Feb. 16. But this time all counties are included.