Franchot: NFL lockout could cost state $37 million
Maryland's top tax collector said Monday that a season-long lockout of the National Football League this year would cost state and local governments between $33 million and $37 million in lost sales, income and amusement taxes.
In the first report produced by a state to project revenue losses in the event of a missed season, Comptroller Peter Franchot said a cancelled season would have "a measurable impact" on the Maryland's economy because the state is home to two NFL teams.
NFL owners and players are in talks to end the three-month-old lockout. But as The Sun's Ken Murray reported today, "there is no guarantee a deal will be reached in time to save the 2011 season."
Franchot estimated that the state could lose as much as $13.5 million from income taxes, $4.6 million from admission and amusement taxes and $5.5 from sales taxes.
Local governments could lose as much as $9.4 million in income taxes and $7.8 million in admission and amusement taxes, Franchot estimated.
The ding to state state revenues would come largely from the loss of income taxes paid by Baltimore Ravens players and the levies visiting players must pay when they come to Maryland and from Ravens players. Franchot notes that "many" Redskins players and staff live in Virginia, where a reciprocal agreement lets them pay income taxes there instead of here.
Comments
i'm sure martin o'malley will respond to this situation and "move maryland forward" by raising taxes (again).
Posted by: scott | June 21, 2011 5:17 PM
Maybe we should use state lottery proceeds to cover the shortfall instead of giving it all to the stadium authority. Stadium authority wont need it now - no one will be playing ball there.
Posted by: matteasternshore | June 22, 2011 4:08 PM