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Comptroller DiNapoli Discusses Economic Outlook

Comptroller DiNapoli Discusses Economic Outlook

In an interview with Spectrum News, State Comptroller DiNapoli discussed the big picture of what the economy will do next, noting:  “Nobody has a crystal ball to say when the economy is going to slow down when we might be in a correction in the market or a recession in terms of the overall economy.”  The NYS Legislature  and Governor Andrew Cuomo added $250 million to a rainy day fund this year to offset any loss in revenue if the economy turns sour, but DiNapoli says more needs to be done “because  at some point the cycle will go in the other direction.”

He cautioned the politics in Washington could impact New York’s finances, both the state and local governments, and also noted  the $10,000 cap on state and local tax deductions, which could make it harder for state officials to budget.  “The problem with all of this is taxpayer’s behavior has been impacted in ways that are now much less predictable,” said DiNapoli.  New York last week with several other states filed a federal lawsuit challenging the SALT cap.

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