State Comptroller DiNapoli Releases State Revenue Projection to Reflect Coronavirus Impact

New York State Comptroller Thomas P. DiNapoli today issued a revenue projection for the 2020-2021 state budget which reflects an estimate of the economic impact and ongoing volatility stemming from the spread of the coronavirus (COVID-19). DiNapoli estimates tax revenue will be at least $4 billion below the projections in the Executive Budget of $87.9 billion. He also offered one alternative scenario if a more severe recession or sharper declines in the stock market occur, which could lower tax revenues by more than $7 billion.

Governor Cuomo requested DiNapoli examine the revenue projection that the Governor and State Legislature agreed to on March 1 before they adopt a new budget, which is due April 1.