What Purpose Does the New York State Department of Finance Serve?


Quick Answer

The purpose of the New York State Department of Taxation and Finance is to oversee the collection of taxes used for state services and programs. The department also oversees the New York state treasury, which receives and disburses funds. The Department of Taxation and Finance also serves as state securities joint custodian in conjunction with the State Comptroller.

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Full Answer

The New York State Department of Taxation and Finance administers more than 40 local and state fees and taxes, including local income tax and sales tax. The department also works with local government to oversee the administration of real property taxes.

The Department of Taxation and Finance helps to enforce voluntary tax compliance by enforcing New York state tax laws. More than 96 percent of state taxpayers voluntarily remit taxes, while the remaining 4 percent of taxes is collected through the department's efforts in criminal investigations, audits and collection procedures.

One of the programs the department oversees for individual taxpayers is the Voluntary Disclosure Program, which allows taxpayers who are behind on their tax returns and payments to avoid penalties and criminal charges by voluntarily advising the Taxation and Finance Department of the taxes owed, paying those taxes and agreeing to pay future taxes. Taxpayers who may not qualify for the Voluntary Disclosure Program may be able to set up a payment plan on taxes owed.

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