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COVID-19 will cost New England states $736M in hospitality and tourism tax revenues in 2020
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19 August 2020 (Edited 19 August 2020)


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An analysis done by Oxford Economics for the American Hotel & Lodging Association (AHLA) projects that state and local governments of the New England States will lose more than $736M in hospitality and tourism tax revenues in 2020 as a result of the COVID-19 pandemic.

Here's a breakdown by state and tax category:

Also: according to a statement released 1 July 2020 by the Tax Policy Center of the Urban Institute & Brookings Institution, their forecast based on data from 27 states suggests that total tax revenues - including personal and corporate income taxes - of all 50 states combined are expected to fall $75B short of pre-COVID-19 forecasts for FY 2020 (ending 30 June 2020), and $125B short in FY 2021.


Stay-at-home orders significantly slowed consumer spending beginning in March, and the collapse of the jobs market devastated personal income tax revenues.

Anticipated tax revenue shortfalls for FYs 2020 and 2021 combined vary widely by state, from 3.5% for Iowa to nearly 18% for Hawaii.

With states making cuts to both public-sector jobs and basic services like education, health care and public safety, obviously publicly-funded destination marketing - think state tourist boards - will be taking a major hit. Stay tuned for updates on this developing situation.


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External Article: https://www.documentcloud.org/documents/6951602-AHLA-State-Local-Tax-Revenue-Loss-6-12-20.html


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