The Tax Department collected nearly $54 billion in personal income taxes in fiscal year 2023-2024. This is the state’s largest revenue source, supporting programs and services including education, health, and public safety.
Personal income tax collected in billions of dollars from fiscal years 2019 to 2024. For exact numbers, see data table.
Taxpayers filed almost 10.8 million personal income tax returns in New York State in tax year 2023, down from the peak of almost 11 million personal income tax returns filed for tax year 2020 when the COVID-19 pandemic drove an expansion in government relief programs.
Personal income tax returns filed from tax year 2017 to 2023. For exact numbers, see data table.
*Tax year 2023 values are preliminary and subject to change as the department continues to process returns.
Fast refunds
The Tax Department processes most personal income tax refunds in 30 days or less. In 2024, the department issued refunds to 7.3 million taxpayers for tax year 2023 for a total of $14.2 billion.
Time between filing and refund issuance. For exact numbers, see data table.
New York State's progressive tax system imposes a lower tax rate on lower-income taxpayers. A small number of high-income taxpayers pay most personal income tax.
Top 200 taxpayers paid 6.3% of personal income tax in tax year 2023: 6.3%; All other taxpayers: 93.7%.
New York State millionaires paid nearly half of personal income tax in tax year 2023: Millionaires paid 41.%; All other taxpayers: 59%.
Top 200,000 taxpayers paid half of personal income tax in tax year 2023: 49.8%; All other taxpayers: 50.2%.
Top 50% of taxpayers paid nearly all personal income tax in tax year 2023: Top 50% paid 99.8%; lower 50% paid 0.2%
*New York State income tax liability plus state pass-through entity tax (PTET) credit claimed.
New York millionaires
After adding over 20,000 millionaires in a historically strong year in 2021, a decline in millionaire counts could be expected. Indeed, the number declined by just over 4,000 in the following year. Preliminary 2023 data has already matched 2022 and is likely to increase as the department continues to review and process tax year 2023 returns.
NYS income tax millionaires by tax year. For exact numbers, see data table.
*Tax year 2023 values are preliminary and subject to change as the department continues to process returns.
The number of dependents reported on New Yorkers' tax returns is approximately 10% fewer than in tax year 2017, but has remained relatively stable since 2020.
Difference between number of returns versus number of dependents claimed from tax year 2017 to 2023. For exact numbers, see data table.
Difference between number of returns versus number of dependents claimed from tax year 2017 to 2023. For exact numbers, see data table.
Number of dependents claimed on tax returns (in millions)
5.2
5.2
5.0
4.6
4.6
4.6
4.7
Share of returns with dependents
33.6%
33.1%
31.7%
29.1%
29.6%
30.1%
30.1%
*Tax year 2023 values are preliminary and subject to change as the department continues to process returns.
Composition of income
The nature of income varies considerably as incomes rise. For taxpayers under $1 million, the primary source of income is from wages and salary. As income rises above $1 million, however, wages and salary are displaced by other sources of income, most notably "unearned income" such as dividends and capital gains.
Composition of income types at various total income levels in New York State. For exact numbers, see data table.
Tax year 2023 values are preliminary and subject to change as the department continues to process returns. * Gross income refers to all income (net of losses) received as money, goods, property, or services sourced to NY and not expressly exempt from federal tax. ** 'Unearned income' refers to taxable interest, dividends, and capital & supplemental gains (loss). *** 'Retirement income' includes taxable IRA distributions, pensions, and social security. **** 'Other income' includes items such as alimony, unemployment compensation, and taxable refunds.
Capital gains are highly variable
Taxpayers reported over $200 billion in net capital gains in 2021, nearly doubling the annual average amount from all other years since 2017. The amounts reported in 2022 and 2023 returned to more historic levels.
However, the share of filers reporting these gains is relatively stable at around 20% of all returns.
Taxpayers reporting capital gains by tax year (2017–2023). For exact numbers, see data table.
Distribution of capital gains by New York adjusted gross income in tax year 2023
New York adjusted gross income
Amount of Capital Gains (in billions)
Under $50,000
$1.9
$50,000–$99,999
$1.5
$100,000–$499,999
$9.5
$500,000–$999,999
$5.8
$1,000,000–$4,999,999
$15.2
$5,000,000–$24,999,999
$18.0
$25,000,000 and over
$33.4
All
$85.3
*Tax year 2023 values are preliminary and subject to change as the department continues to process returns.
Voluntary contributions
The number of voluntary contribution funds has increased steadily, but the number of contributions has declined over the same period and the total amount contributed has remained largely unchanged.
Voluntary contributions history. For exact numbers, see data table.
