NY eyes extra revenue but forecasters warn about new virus

Posted at 3:11 AM, Mar 03, 2020
and last updated 2020-03-03 03:11:41-05

ALBANY, N.Y. (AP) — New York could see at least $700 million in extra tax revenue through March 2021, but the state's economic outlook is nonetheless uncertain because of the new coronavirus outbreak.

The state’s latest economic forecast says the spread of the disease could end up severely restraining global and domestic growth and hurting global supply chains.

But forecasters say a quick resolution to the outbreak could make the economic outlook less bleak. The governor and Legislature’s annual consensus forecast was released Sunday.

That was the same day that the state confirmed its first case of COVID-19. Lawmakers and Gov. Andrew Cuomo are currently discussing how to use any extra revenues in the state budget.