U.S. Hotel Property Tax Expense Upwards of $8 Billion
According to STR's 2016 HOST data, 15 counties in the U.S. comprise approximately 36% of all hotel property tax expense.
If you are a hotel executive or other highly compensated individual in the hospitality industry, you need to be aware of how the new Tax Act (H.R. 1 Tax Cuts and Jobs Act) might affect your estate plan. In some cases, the impact will be significant.
As of January 1, 2018 owners of General Partnerships, Limited Partnerships or multi-member Limited Liability Companies may soon find themselves economically liable for the unpaid tax of former partners/members of those entities. JMBM Tax Attorney Jamie Ogden briefly describes the new audit regime, who it affects, and what you need to do to protect yourself from uncertainties.
In the 6th annual Lodging Tax Report, HVS explores the current status and historical trends of lodging taxes in the USA. This updated version provides lodging tax rates/conditions in all 50 US states and 150 US cities.
In recent events, including the highly contentious highway liquor-ban and the just declared Good & Services Tax by The Government of India, it appears that the Hospitality business has been extended the second fiddle treatment.