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10 Feb 2012

Issue Alert: 13% Tax on Private Home Rentals Bad for RI Property Owners

“Article 24 of Governor Chafee’s budget would place a new burden on homeowners by requiring them to collect taxes totaling 13 percent on short-term rentals of homes, cottages and condominiums

The tax would apply to any home or cottage owner who receives income for renting his/her property for a total of 15 days or more per calendar year, a common occurrence in tourist areas like South County and Newport.  The taxes would apply to the first 30 days of each person’s stay. Homeowners, who are already required to pay federal and state income tax on revenue that they earn from renting their property, would be responsible for collecting the new tax.

 

Neither Connecticut nor Massachusetts charge hotel or sales taxes on individual homes and condominiums.  If passed, this legislation would hurt RI property owners already crippled by the economy by putting RI vacation destinations at a competitive disadvantage to neighboring states.  Less business will mean more distressed properties on the market!!!

 

Take Action Now!  Please contact your legislators and ask them:

  • Why would we want to drive away business by raising the price to stay in Rhode Island? We’ve already raised the cost of visiting our beaches and the public outcry was tremendous!
  • How could property owners retroactively collect the tax from spring/summer renters who have already paid if they decide later in the year to rent their property for more than 14 days?
  • Why would we want to add to the number of distressed properties on the market? We need to provide incentives for business and property ownership in RI, not take them away!
  • If Massachusetts couldn’t figure out how to do this, how can RI?
  • How can they possibly predict how much they will make on this?  What are they basing their numbers on?

Stop the Tax on Private Home Rentals - Contact your legislators today!!!”

 SOURCE:

Rhode Island Association of REALTORS®

100 Bignall Street  Warwick, RI  02886

(401)785-9898  www.rirealtors.org

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