The Capital Region has lost the most sales tax revenue in the state for the month of April compared to sales tax collection in April 2019. It amounts to nearly $18 million dollars in lost revenue for the region based on a new report from the NYS Comptroller’s Office.
The report looked at year-over-year sales tax collection by county between January and April but focuses mainly on April because non-essential businesses were closed on March 22. Albany County saw the largest loss of sales tax dollars 32.3%, approximately $7.4 million.
At the end of April, the NYS Department of the Budget estimated the state’s economic loss from COVID-19 to be $243 billion. Boston Consulting Group, the company that conducted a review of state finances, said without federal assistance the state was going to have to make deep financial cuts affecting all services.
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by: Sarah Darmanjian
May 14, 2020