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New York state likely to miss its revenue projections for 2020-2021 due to COVID-19

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Posted at 12:58 PM, Mar 17, 2020
and last updated 2020-03-17 12:58:39-04

New York State Comptroller Thomas P. DiNapoli tells Governor Cuomo that the state's 2020-2021 revenue projection will be short by at least $4 billion. The goal for this year was $87.9 billion.
DiNapoli tells Cuomo in a letter that this deficit is in direct response to the coronavirus outbreak. He adds that if a "severe recession or sharper declines in the stock market occurs" tax revenues could go down by more than $7 billion.

DiNapoli also tells Cuomo that congress is considering legislation that could bolster the unemployment rate, make paid sick leave and family leave more available, and temporarily increase the federal shares of the state's Medicaid costs to hopefully increase the economic impact. They are also considering extending tax-filing deadlines which DiNapoli says could bring in billions into New York State.