The City Council approved a report from the Budget, Finance and Innovation Committee relative to a potential ballot measure to update the Occupancy Tax Code regarding the Transient Occupancy Tax, a tax on individuals occupying hotel rooms, including short-term rentals, throughout the City. This tax will make sure that online travel companies pay tax on the actual full amount paid by guests, instead of the current tax paid only on a discounted and/or wholesale room rate agreed upon with the hotel. This will lead to increased revenues, providing additional funding available for City programs and services. The Office of Finance will also report on the amount currently paid by online travel companies and the estimated amount that can potentially be garnered by the City should the tax code be updated. To read the motion, which was seconded by Councilmember Price, click here.
UPDATING THE TRANSIENT OCCUPANCY TAX
Posted on 04/21/2023