New York state tax revenues fell by $3.7 billion, or 4.7 percent, last year — the largest collapse since the 9/11 attacks — but officials downplayed the significance. Trying to find a bright side, state Comptroller Thomas DiNapoli said things could have been worse since a surge in collections last month staved off an even steeper drop. “After months of concern over lower-than-expected tax collections, the state ended the fiscal year on a positive note,” he said.
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by carl campanile