Bloomberg Tax
April 7, 2020, 8:45 AM

States Stand to Lose Billions in Taxes Tied to Tourism, Live Sports

Sam McQuillan
Sam McQuillan

Travel and tourism—which funnels $83 billion in tax revenue annually to state and local governments—is in a freefall triggered by the coronavirus pandemic.

The related havoc being wrought on state budgets is widespread: less bed taxes from hotels; less sales tax from restaurants and retailers; less rental car taxes and the list goes on. Even one of the newest funding sources for states—taxing sports betting—is caught in the mix with the abrupt end of many live sporting events.

Tourism-dependent states are seeing the largest immediate declines in economic output, with Nevada and Florida hit the hardest, according to Karl Kuykendall, ...

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