NACo Releases Economic Impact Report
Counties Nationwide Could See $144 Billion Budget Hit
April 23, 2020
This week, the National Association of Counties (NACo) released a report entitled Running on Fumes: Impact of COVID-19 on County Finances. According to the report, counties nationwide could see a $144 billion hit to their budgets through the end of 2021 due to the coronavirus epidemic.
NACo’s estimate includes anticipated increases in expenditures, lost sales tax revenue, lost revenue from charges and fees, lost business license tax revenue, and lost income tax revenue. The estimate does not include potential lost revenue from property taxes or from state sales or income taxes that are shared with counties. The full report can be found here.
