Taxing Timeshare Rentals, Exemptions and You

Legislation in Florida is currently being worked on that would give timeshare resorts certain exemptions from bed taxes when providing promotional deals to invite guests visit their resorts.  Bed taxes are taxes placed on tourists who rent accommodations.  These types of taxes are great for local governments as they generate revenue without increasing taxes on residents.  (This is very favorable to local politicians for this reason.)

The legislation would require timeshares to pay bed taxes when they rent units like hotels.  However, the resorts would not be required to pay these taxes when units are offered as “stay-over” packages or for exchanges which have grown in popularity over the years.

This is great for the resorts and for the local governments.  The taxes will bring in more revenue for cities and counties where the timeshares exist.  Although the timeshare companies will now have to pay taxes on rentals, they secured key exemptions allowing them to continue vital programs to bring potential buyers onto their properties.

So, the government got what they wanted – taxes; the resorts got what they wanted – exemptions to keep the flow of buyers coming; yet, does the individual timeshare owner benefit?  Not really.  Now, owners will be responsible for taxes when renting their units.  This extra “task” may increase incentive NOT to rent out their units, giving the resort that much more of an advantage to control the rentals of their units.

Owners need to take a stand and be heard.
For more, click here

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: