Report: Nassau County Could Lose $360M In Sales Tax Revenue
Nassau County could be out as much as $360 million this year in sales tax. That’s according to a new report from the county comptroller.
Sales tax is the largest source of revenue for Nassau County, and it’s taken a big hit because of the economic shutdown. County Comptroller Jack Schnirman says the new projections underscore how critical it is for the federal government to step in.
“There is no local government, regardless of its financial health, that has enough bandwidth, enough reserves, enough of a rainy day fund to handle a revenue drop of this kind without some outside help.”
Schnirman says the shortfall is too large for the county to recoup by cutting services or raising taxes on residents who are already stretched thin. County Executive Laura Curran had said last month at her state of the county address that she would not raise property taxes, the county’s second largest revenue stream.