BisNow: New York Could Slash Hotel Tax To Help Downtrodden Sector Recover
New York City lawmakers are considering slashing tax obligations for hotel owners as they struggle to regain their footing after the pandemic hammered the city’s tourism industry.
Politico: New York Playbook: New spending on street safety, homelessness By ERIN DURKIN, ANNA GRONEWOLD and DEANNA GARCIA April 25, 2022 7:37 AM “City Council eyes big tax cut to help hotels, tourism rebound from pandemic,” by New York Post’s Carl Campanile: “The New York City Council is so concerned about the sluggish recovery of the Big Apple’s $100 billion tourism market from COVID-19 that it’s considering dramatically slashing the local hotel tax to spur a faster rebound, The Post has learned. The Hotel Association of New York City is urging Mayor Eric Adams and the council to lower the occupancy tax rate on hotel room stays from 5.875% to 2.875%. The hotel occupancy tax is expected to generate $255 million in revenue for city officers for the fiscal year ending June 30, according to the mayor’s preliminary budget plan. But studies suggest the city’s tourism market won’t fully bounce back to 2019 pre-pandemic levels of business until 2026.”
By ERIN DURKIN, ANNA GRONEWOLD and DEANNA GARCIA
The Real Deal: City Council considers fat tax cut on hotels
The hotel industry is still struggling to recover from the effects of the pandemic, and its lobbying group has an idea for the city to consider: lower the occupancy tax rate.
New York Post: City Council eyes big tax cut to help hotels, tourism rebound from pandemic
The New York City Council is so concerned about the sluggish recovery of the Big Apple’s $100 billion tourism market from COVID-19 that it’s considering dramatically slashing the local hotel tax to spur a faster rebound, The Post has learned.
City Guide NY: Business Travel Bounce Back for NYC
You can see tourism’s return in the streets of NYC and data supports it, particularly on the business travel front.
Great Indian Mutiny: New York City’s hotel and tourism business has a long way to go: the study
World-famous New York Hotel and tourism industry It has surged sharply to return to its pre-pandemic glory days — travel revenue for the hotel business is expected to be 55% lower in the Big Apple market this year than in 2019, a new sobering industry analysis reveals.
Daily Caller: Major Cities Lost Billions From COVID-19 Lockdowns
American cities lost billions of dollars in business travel revenue between 2019 and 2022 due to the ongoing impacts of COVID-19.
New York Post: NYC hotel and tourism business has long road to recovery, study says
New York’s world-renowned hotel and tourism industry has a steep climb to bounce back to its pre-pandemic glory days — with hotel business travel revenue expected to be 55% lower in the Big Apple market this year than in 2019, a sobering new industry analysis reveals.