Swift reaction to the COVID-19 pandemic by government leaders, consumers, and businesses has caused a sudden and substantial decrease in spending on certain taxable goods and services. National and state responses to COVID-19, combined with uncertainty as to the duration and scope of related economic disruption, make revenue projections during this unprecedented time especially challenging. The Texas Comptroller does not expect to release updated tax revenue projections until mid-summer. Nonetheless, HdL understands assessing the potential impact on your jurisdiction’s sales and use tax is vitally important and a priority consideration. HdL prepared the attached forecast that incorporates insights from respected publications, numerous industry-specific analysts, and HdL sales and use tax specialists. HdL will make available a sales and use tax assessment tool to allow you to combine insights from this consensus forecast, your jurisdiction’s sales and use tax data, and input from those that know your community best —- you and your team, to project sales and use tax revenue for future reporting periods. (Read more)
