A massive federal spending bill aimed at deflecting the economic harm caused by the spreading coronavirus does not address the billions of tax dollars U.S. states stand to lose as major parts of the nation have shut down.
Health care workers stand outside a tent erected to test people for the coronavirus disease at the Elmhurst Hospital Center in Queens, New York City, U.S., March 27, 2020. REUTERS/Andrew Kelly
New York Governor Andrew Cuomo on Friday said his state, where New York City has become the nation’s hot spot for virus cases, “has no state revenues to speak of” and faces dramatic spending cuts. U.S. House Speaker Nancy Pelosi has acknowledged the need for further financial assistance for states beyond the current legislation.
Most of the 41 states that levy taxes on personal wages and salary have followed the U.S. government’s lead and extended the income tax filing deadline to July 15. That move will result in revenue gaps that spill into a new fiscal year, which begins on July 1 for most states.
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