City of Omaha Projects $35 Million Loss of Tax Revenue From Events Being Cancelled

Local governments will have to grapple with an uncertain future on cancelled events like trade shows and large athletic events. Not only the immediate loss, but what the future holds in how these events will come back. Local governments and business will have to hold reasonable talks for the future planning. In reality, some state and local government leaders will probably pass archaic/scare tactic rules that will just make these events useless in even trying to do.

For now, the lost tax revenue reporting is coming in. Here’s one example out of Nebraska:

“The largest city in my district, the City of Omaha, was scheduled to host the NCAA Men’s College World Series, U.S. Olympic Swim Trials, Berkshire Hathaway Stockholders Meeting, and other events that attract thousands of people into restaurants and bars, generating critical revenue,” explained Rep. Bacon. “Without these events, Omaha is estimated to lose nearly $35 million this year in tax revenue, negatively impacting the city’s operations, including first responder departments.”

Source: The Ripon Advance

 

Published by Hoosier Econ

Located out of Central Indiana. Blogger of economics, politics and societal trends.

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