Institutional Federal Compliance Report 2021

______________________________________________________________________________________________ STATE OF NEW YORK • 73

Consumption and use tax revenues are reported in the fiscal period when the sale is made. The principal component of this receivable is sales tax receivables, which include sales taxes due through March 31, 2018 and assessments which relate to prior tax periods. General business tax revenues are reported as businesses earn income. General business tax receiv- ables comprise estimated tax payments, payments remitted with final returns, and assessments. Current taxes receivable: Personal income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Consumption and use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term taxes receivable: Personal income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Consumption and use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Allowance for uncollectibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Tax Refunds Payable Tax refunds payable primarily represent amounts owed to taxpayers because of overpayments of their 2017 calendar year and first quarter 2018 calendar year tax liabilities. Tax refunds payable, which reduce respective tax revenues, are accrued to the extent they are measurable based on payments and estimates. The amount of PIT refunds payable includes estimates of

Other taxes receivable comprise estate and gift taxes, real property gains taxes, real estate transfer taxes, metropolitan commuter transportation mobility taxes and assessments. Net taxes receivable at March 31, 2018 for the governmental funds totaled $14 billion. The following table summarizes taxes receivable by major tax type for the governmental funds (amounts in millions):

General

Other

Total

Debt

Governmental

Governmental

General

Service

Funds

Funds

7,323 $

2,667 $

554 $

10,544 1,158 483 1,127 13,312

512 397 997

233

413 86 130

—00000 —00000

9,229

2,900

1,183

288 55 103 249 695

103 27

—00000

391 111 107 249 858

29

—00000 —00000

4

—00000

130

33

(94)

(27)

(16)

(137)

9,830 $

3,003 $

1,200 $

14,033

overpayments of the first calendar quarter 2018 tax liability and payments of 2017 calendar and prior year refunds. The remaining portion of tax refunds payable comprise payments made subsequent to the end of the fiscal year and estimates of a remaining refund liability. Tax refunds payable at March 31, 2018 are summarized as follows (amounts in millions):

Current General

Other

Total

Debt

Governmental

General

Service

Funds

Current

Long-Term

Governmental Activities: Personal income . . . . . . . . . . . . . . . . . . . $ Consumption and use . . . . . . . . . . . . . . . Business . . . . . . . . . . . . . . . . . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,017 $

2,149 $

430 $

8,596 $

398 391 343 33

74

37

60 172 50

171 1,909 130

1,737

—00000 —00000

80

Total . . . . . . . . . . . . . . . . . . . . . . . . . .

$

7,908 $

2,186 $

712 $

10,806 $

1,165