This year marked the first “normal” year for tourism without restrictions, but numbers from the first quarter of 2022 show that visitors are bringing in more than they did even before the pandemic. According to.
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On April 7, 2021, the Legislature passed and sent to the Governor the bills constituting the 2021-22 budget legislation (the Budget ). New York’s lawmakers had exhibited considerable restraint in the recent past, generally keeping spending increases and thus revenue increases at about the level of inflation. But pent-up spending demand, the COVID pandemic, one-party control of the Senate and Assembly, and a fiscally-conservative Executive perceived as politically weakened, resulted in lawmakers muzzling spending restraint, at least for the next few years. And with the spending increases comes a panoply of revenue-raisers which, given the already unprecedented exodus of wealthy taxpayers from New York over the past year, makes one wonder who will be left to pay such taxes!
Sales tax revenue continues to gauge some of the economic impacts of the COVID-19 pandemic on various business sectors across the county. In November, there was a mix of increases and decreases in sales tax revenue with Silverthorne, Breckenridge and Frisco showing fairly modest growth in year-over-year revenue, while Dillon and Summit County saw a decline.
Effects on certain business sectors vary from town to town as well. While all restaurants were ordered to close to in-person dining on Nov. 22, Frisco’s restaurant category was slightly up for sales tax revenue for the month, while Breckenridge’s restaurant and bar sector took a sharp downturn.