Counterfeiting Costs

New York City is home to $23 billion counterfeiting trade

New York City Comptroller William C. Thompson, Jr. today released a report estimating that New York City is home to a $23 billion annual illegal counterfeiting industry, causing the City to lose more than $1 billion in tax revenues each year.

Thompson issued the report, “Bootleg Billions: The Impact of the Counterfeit Goods Trade on New York City,” at a news conference attended by industry and anti-counterfeiting experts. Overall, the Comptroller noted that New York State and New York City lost a combined total of about $2.6 billion in tax revenue in 2003 as a result of the sale of counterfeit goods.

Full Report: Bootleg Billions: The Impact of the Counterfeit Goods Trade on New York City