ALBANY, N.Y. (NEWS10) — Businesses are holding out hope for a federal stimulus to survive the new year. This comes as counties are seeing millions of dollars in lost sales tax revenue.
“It’s going to be a challenging year not only for Albany County, but for every town city and village,” said Albany County Executive Dan McCoy.
McCoy expects about $25 million in lost sales tax revenue due to the pandemic and even more losses from property taxes.
“Look at all the hotels that are closing, restaurants that are closing, do you think they’re going to pay their property taxes next year?” McCoy said. “There’s about five hotels, there’s going to be more hotels going down. All the restaurants that I’ve spoken to, they’re on their life savings, even for gyms,” McCoy added.
A second federal stimulus is one thing both the county executive and Capital Region Chamber of Commerce are holding out hope for.
“My biggest hope is that Congress will act and they’ll do so before Christmas is here,” said Capital Region Chamber of Commerce President Mark Eagan.
“If there’s not federal money that comes to the state of New York and to our cities, towns and villages, they’re going to have to make difficult decisions, either making significant cuts or significant increase in taxes to our residents,” Eagan said.
It’s a point County Executive McCoy said will be the difference in not only taxes but quality of life.
“It might cost you a little bit more to shop locally, but every dollar you spend locally is going to be more dollars spent here in the county that stays in the county,” McCoy said.
McCoy added that some businesses may defer their taxes. Other businesses may decide to close down. Either way, he said the county losses revenue.