Business Shutdown has been Affecting Tax Revenue in Cape Girardeau County.
The coronavirus outbreak is currently having a negative impact on the revenue generated within Cape Girardeau County. The county’s tax receipts were a reflection of several retail sales last month and they were 6.15% lower than last year In addition, the sales tax receipts were also 10% lower than the amount that was generated by the county’s half –cent sales tax at this point two years ago. City officials say due to the temporary closure of several retail businesses in the area because of the coronavirus outbreak has played a role in slowing down consumer activity and up until the coronavirus outbreak hit things were trending pretty well. The county’s most recent revenue report revealed that sales tax went up to $578,794 and this number is a decrease from $731,626 in March. At this point last year the county’s sales tax raised a total of $616,696 and the total generated in April two years ago was $644.24. Because of strong retail activity from December to February the county’s sales tax rate is still approximately a half of a percentage point ahead of last year’s pace. With four months of tax cycles completed for 2020 the sales tax has generated a total of $2, 616, 496. This is slightly more than $14,000 more than the $ 2,602,045 that was raised through the first four tax cycles during the last calendar