Counties association makes dire predictions for sales tax revenues

Counties association makes dire predictions for sales tax revenues
The coronavirus outbreak has had an impact across the businesses community, forcing many to close. (Source: MGN Online)

ALBANY, N.Y. (WWNY) - The north country’s three counties could each suffer a more-than-10-percent loss in sales tax revenues because of the coronavirus outbreak.

That’s the worst-case scenario in projections released Monday by the New York State Association of Counties (NYSAC).

Sales tax revenues are expected to plummet after many businesses were forced to close to help stop the spread of COVID-19.

NYSAC's report covers two economic impact scenarios: one with a mild recession and a quick recovery and the second with a more severe and prolonged recession.

The association projects losses for all counties totaling $2 billion in the most severe scenario.

Jefferson County could lose $3.3 million in the mild scenario, or more than $10 million in the more severe case. That would be a 4.3-percent loss compared to a 13-percent loss.

Lewis County could lose a little more than $400,000 (3.4) and up to nearly $1.3 million (10.3 percent.

St. Lawrence County’s projected losses range from $2.1 million (3.6 percent) to $6.4 million (11 percent).

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