All Major Tax Collections Decrease by More Than Twenty Percent in May

Impact of COVID-19 on Tax Collections Becomes Clear

The City collected approximately $181.0 million in General Fund tax revenue in May of FY2020, compared to $262.9 million in May FY2019, a decrease of approximately $81.9 million, or 31.2 percent, according to preliminary figures. As shown in Table 1, every major tax collection saw decreases in May, the first time this has occurred since the great recession of 2008-2009. Each tax collection decreased by 20 percent or more. The City portion of the wage, earnings, and net profits taxes decreased by $38.6 million, or -21.7 percent; the business income and receipts (“BIRT”) by $17.6 million, or -38.1 percent (filing deadline extended to July 15); real estate by $5.2 million, or -39.4 percent; realty transfer by $13.4 million, or -47.3 percent; and sales by $6.5 million, or -26.8 percent. All minor tax categories decreased by more than 30 percent: the parking tax decreased by $8.2 million; or -80.4 percent, amusement by $1.1 million, or -95.6 percent; other miscellaneous by $184,739, or -60.0 percent; and the beverage tax decreased by $2.4 million, or -34.2 percent.

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