Kreamer clarifies $414M tax estimate is regional and estimated
Kreamer says the $414 million state and local tax revenue figure was based on Tourism Economics analysis for the region, including New York State and New Jersey. He says it is an estimated number, not actual receipts.
Thank you for the question, Councilmember.
I can provide a comment on the first number you mentioned, the roughly $414 million in state and local tax revenues.
So that was based off of the tourism economics.
Analysis that was done for the region.
So that includes not just New York City, but New York State, New Jersey, et cetera.
And it's not disaggregated.
It is also largely an estimated number as well.
So the inputs that I mentioned before, timesing the amount of spend by, for lodging, for example, for beds tax and sales tax is how they came up with that number.
So it's not actual receipts in, it's an estimation.