TEXAS (KWES) - Airbnb announced on Wednesday that the hospitality company has delivered over $15.3 million in tax revenue for Texas.
The revenue came from home sharing and short-term rental taxes.
Airbnb entered a tax agreement with the Texas Comptroller's Office in April 2017, making them authorized to collect the standard 6% state hotel occupancy tax to remit directly to the state.
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Based off of 2016 numbers, Airbnb estimated that they would bring $8 million to Texas in 2017. The $15.3 million that was actually earned nearly doubled the company's projection.
Over 1.5 million quests were welcomed by Texas Airbnb hosts in 2017. This means that the short-term rental community fostered by Airbnb is not only flourishing but is also complementing the Texas hotel industry rather than competing with it.