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Friday, April 26, 2024

Association assesses possible sales tax loss

Credit: WKTV
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Association assesses possible sales tax loss
Association assesses possible sales tax loss

NYSAC data shows in the case of a severe recession, Oneida County would lose more than $30 million in sales tax.

York state association of counties examines how much money each county could lose in sales tax -- with so many businesses closed.

If this is a mild recession....meaning a quick recovery..... oneida county could lose nearly 15 million dollars.

Herkimer county -- three million dollars.

And in otsego county -- a four million dollar loss.

If the recovery is prolonged.... it's considered a severe recession by nysac.

These are the projections.

Oneida county - 30 million dollars.

Herkimer county seven million.

And otsego county -- nearly 10 million dollars.

The sharpest impacts are on industries related to tourism, recreation and restaurants.

David bliss, otsego county board of representatives chair 4:13 otsego county has been severe.

Healthcare is our number one industry of course and then we have a large tourist base economy.

The closing of the hall of fame has had a huge impact, the cancelling of the induction ceremony, we were expecting it to be the biggest summer ever and now it will be the smallest summer ever 4:35 dreams park brings in several thousand people a week.

Thats all been cancelled, we lost all that bed tax revenue 4:46 nysac says no region of new york will be spared... but downstate will be most affected.

The excitement

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