Nevada’s Hotels Could Be Paying Over $8 Billion In Taxes For 2024
Everyone knows that Las Vegas has been built on the success of the hotels and casinos in this exciting city. For that matter, it’s the same story for Reno and Laughlin. But did you know that Nevada hotel taxes for 2024 could amount to over $8 billion dollars?
Nevada Hotel Taxes Are Projected To Be Third Highest In The Nation
Nevada is only the 32nd most-populous state in the country. However, Nevada hotel taxes are projected to be the third highest in the nation for 2024. In fact, the tax bill is expected to top $8 billion dollars.
That is certainly proof of how successful the hotel industry is here in the Silver State. Only New York and California are projected to pay more in federal, state, and local taxes for the current year. That’s according to a new report released by the American Hotel and Lodging Association on AHLA.com.
In case you’re keeping score, California is the most populous state in America. New York state ranks fourth. But Nevada, and especially Las Vegas, draws tourists in droves to all its exciting hotels and casinos. Therefore, the hotels pull in big bucks. Of course, the IRS wants its cut.
Nevada Hotel Taxes And Tax Bills For Other States In The Top 5
The AHLA report goes on to specify the national tax bill for hotels, as well as for each state in the country. Overall, the U.S. hotel industry is generating over $83 billion dollars in federal, state, and local tax revenue.
This huge total breaks down to over $29 billion bucks in federal taxes, and over $54 billion dollars in state/local tax revenue for 2024. Remember though, these are projections.
Furthermore, the Nevada hotel taxes of slightly over $8 billion dollars shows over $3.6 billion going to Uncle Sam, and $4.4 billion going to state and local governments.
Here are how all states in the top five will fare with their projected hotel taxes for 2024. (We’re rounding the totals off to just the first two digits):
- California: $3.6 billion federal. $5.1 billion state/local. Total: $8.7 billion.
- New York: $2.3 billion federal. $5.9 billion state/local. Total: $8.2 billion.
- Nevada: $3.6 billion federal. $4.4 billion state/local. Total: $8 billion.
- Florida: $2.9 billion federal. $4.4 billion state/local. Total: $7.4 billion.
- Texas: $1.4 billion federal. $2.8 billion state/local. Total: $4.3 billion.
As you can see, that’s quite a drop-off between the states in fourth and fifth place. Nevertheless, it appears the hotel industry in America is thriving. And, they’ll be paying for that success when the federal, state, and local governments come calling for their share.
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