Revenue collections for the major state taxes totaled $3.684 billion last month, up $130.1 million, or 3.7% compared to March 2022, according to state Treasury officials.
Treasury said it continues to expect Fiscal Year 2023 collections growth to moderate in the coming months, particularly income tax revenues now that the tax filing deadline has passed. Fiscal year-to-date total collections of $30.141 billion are up $737.2 million, or 2.5% over the same period last year.
March collections for the Gross Income Tax (GIT), which are dedicated to the Property Tax Relief Fund, totaled $1.067 billion, which was 10.1% lower than last March. The decrease in revenues was primarily attributable to a higher level of refunds, officials said. Net collections were supported by 3% growth in employer withholding, which showed resilience given that average Wall Street bonuses for 2022 were down 26%, according to the New York State Comptroller. Fiscal year-to-date collections of $12.289 billion are 2.5% higher.
The Sales and Use Tax (SUT), the largest General Fund revenue source, totaled $855.8 million, an increase of $19.9 million or 2.4% above March of 2022. The month of March, which reflects February consumer activity due to a lag in reporting and payment, is typically one of the lowest months of the year for sales tax collections. Fiscal year-to-date collections of $8.477 billion are up $460.6 million, or 5.7% over the same period last year.
The Corporation Business Tax (CBT), the second largest General Fund revenue source, totaled $417.8 million in March, an increase of $52.2 million or 14.3% over last year. The increase in net collections was mainly due to a sharp drop in refunds, while final payments and estimated payments were moderately lower. Fiscal year-to-date collections of $3.026 billion are up $14.6 million, or 0.5% above the same period last year.
Pass-Through Business Alternative Income Tax (PTBAIT) payments totaled $771.3 million in March, up $61.7 million or 8.7% over the same month last year. March is a key month for PTBAIT revenues, as final payments for the preceding tax year were due on March 15. Fiscal year-to-date revenues of $2.930 billion are up $93.4 million, or 3.3% over last year.
For the Insurance Premiums Tax (IPT), March 1 marks the due date for the first prepayment of half of the estimated calendar year liability for IPT payers. The majority of payments are received in late February and early March. March collections of $122.2 million were $37.9 million, or 45.1% higher than last year. When combining February and March, collections of $296.4 million were $15.2 million, or 4.9% lower than the combined total for the same period last year. Fiscal year-to-date revenues of $346.0 million are 6.7% percent below last year.
Realty Transfer Fee revenues of $29.3 million were $20.7 million, or 41.4% lower than last March. Collections have now fallen for six consecutive months year-over-year, with March revenues close to pre-pandemic levels. Median home prices have continued decelerating, but housing inventories remain relatively low, preventing rapid declines in sales prices.
The drop in volume of home sales on a year-over-year basis remains the primary driver behind the reduced Realty Transfer Fee collections, treasury officials said. Fiscal year-to-date collections of $375.0 million are down $84.0 million, or 18.3% lower than last year.
