Business and personal income-tax collections from the financial industry accounted for as much as 20 percent of New York state tax revenue before the start of the financial crisis in 2008, DiNapoli said. The contribution declined to 14 percent last year. New York City's tax collections from Wall Street have fallen to less than 7 percent of revenue from 13 percent, he said.
The city's budget projections are consistent with DiNapoli's bonus forecast, he said. The state, though, predicted a bigger drop, "meaning revenue may be slightly higher than anticipated in the last quarter of the current state fiscal year," DiNapoli said.