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Committee approves raising daily TOT exemption from $30 to $40, citing hostel economic concerns
Summary
The committee advanced an ordinance to raise the daily transient-occupancy tax exemption from $30 to $40 to help youth hostels keep operating amid rising costs, after testimony from multiple hostel operators and OEWD analysis that city revenue impact would be negligible.
The Budget & Finance Committee on Dec. 10 voted to approve technical amendments to the Transient Occupancy Tax (TOT) exemption, raising the daily exemption threshold from $30 to $40.
Lisa Pagan of the Office of Economic and Workforce Development explained the change is intended to account for inflation since 1998 and to help…
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