The coronavirus pandemic will cost states hundreds of billions of dollars in revenue in the upcoming fiscal year, according to an NBCNews survey of 33 states and Washington, DC.
doesn't come soon. Though, the nature of the crisis makes forecasting the future incredibly difficult, officials said.
"This is an unprecedented occurrence in American history and arguably world history, at least in modern history," said Louisiana Commissioner of Administration Jay Dardenne."So there's no playbook. There's nothing to look at. And there's nothing to benchmark for this.
The revenue declines reach every aspect of states' sources for spending money. New York is projecting its biggest dip will come from a nearly $12 billion hit to sales and use taxes. In Alaska and Oklahoma, the collapsing oil prices are projected to take a huge toll, while in Arizona, individual income taxes are projected to be at the heart of the state's losses.
Virginia Secretary of Finance Aubrey Layne, whose state is projecting $3 billion in losses through fiscal year 2022, will be re-forecasting in the coming weeks. No economist, he said, has a crystal ball for this crisis.
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