Short-Term Rental Occupation Tax Act imposes taxes on short-term rental transactions facilitated by hosting platforms.
The Short-Term Rental Occupation Tax Act imposes taxes on short-term rental transactions facilitated by hosting platforms. It defines "short-term rental" and "hosting platform," and requires hosting platforms to register with the Department of Revenue. The Act imposes a tax at the rate of 5% of 94% of the gross rental receipts from the transaction. It also requires hosting platforms to maintain records and submit reports to the Department. The Act includes provisions for recordkeeping, reporting, and enforcement, and specifies penalties for non-compliance.
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