Wood County, West Virginia offers an example of how hotel tax revenue can fluctuate based on the performance of other industries. Thanks to a booming oil and gas industry the local government received more than $480,000 in 2017 and in the process added 340 hotel rooms to its inventory. China Energy expects to invest $87 billion there over the next 20 years to further develop the natural gas output.
In these periods of growth, the question for city and county leadership is how to ensure they keep pace and get the correct amount of tax from hotels. Or, in a declining market, are struggling hotel operators still following the reporting requirements?
City managers and finance directors can learn the best practices for managing hotel or occupancy tax at our free webinar March 29 at 1 pm ET: Underpaid Lodging Taxes: How Local Governments Can Correct the Imbalance. Register here.