The state's top fiscal watchdog says New York has returned to a negative balance of payments with the federal government. According to a new report from State Comptroller Thomas DiNapoli, that balance amounted to a negative $12.4 billion in federal fiscal year 2024, reflecting an end to pandemic-era aid. That year, the state generated $353.5 billion in federal taxes and received $341.1 billion in federal spending. For every dollar in federal tax paid to Washington, the state received 97 cents in return, compared with a national level of $1.21. DiNapoli says New York has historically been a state that pays more in federal taxes than it receives in federal spending, but that pattern changed due to federal spending increases spurred by the pandemic. In federal fiscal year 2024, New York was one of 10 states with a negative balance of payments.
