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Gross Receipts Tax Gains Point to Economic Recovery

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Mayor Expresses “Cautious Optimism”

MAY 12 — According to a Finance Department memo issued last Friday (May 7), the City’s economic recovery from the pandemic shows signs of approaching liftoff. Monthly taxable gross receipts this February were up 9.1 percent over last February—which was right before the shutdown of much of the economy in March, 2020. Furthermore, receipts exceeded those from February, 2019, by 4.4 percent.

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