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U.S. State11th State • July 26, 1788
New York NY
"The Empire State"
The financial capital of the world, the cultural capital of the English-speaking world, and the front door through which 12 million immigrants entered America, New York is the state that has done more to define what the country is than any other.
New York state finances at a glance
State Debt - FY2024
$120.6 billion
Total state government debt outstanding at the close of fiscal 2024, including long-term bonds and short-term borrowing across state agencies and public universities.
Tax Revenue - FY2024
$119.9 billion
Total New York state tax collections in fiscal 2024, led by the individual income tax ($54B), the corporate income tax ($23B), and the general sales tax ($20B).
Borrowing
New York voters rarely approve general obligation debt, so almost all state borrowing is done by public authorities such as the Dormitory Authority and the Thruway Authority, issuing personal income tax and sales tax revenue bonds. These are sold to investors in the municipal market and repaid from dedicated state tax receipts. The state reported about $3.6 billion in interest on its debt in fiscal 2024.
Source: U.S. Census Bureau, 2024 Annual Survey of State Government Finances.
19.5M
Population
11th
State (1788)
$2T+
State GDP
700+
Languages in NYC