COVID-19: Tax revenue will fall US$16.8B | | A U.S. domestic travel credit?
U.S. hotel tax revenue will decline US$16.8B in 2020 As a result of the sharp decline in travel demand from COVID-19, state and local tax revenue from hotel operations will drop by US$16.8 billion in 2020, according to a new report by Oxford Economics. Some of the hardest-hit states include California (down US$1.9 billion), New York (down US$1.3 billion), Florida (down US$1.3 billion), Nevada (down US$1.1 billion) and Texas (down US$940 million). These impacts represent the direct tax revenue decrease from the severe drop in hotel occupancy, sales and gaming taxes. The figures do not include the potentially significant effects on property…
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