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Tourism Tax Trends Chad Prosser Director South Carolina Department of Parks, Recreation & Tourism

Tourism Tax Trends Chad Prosser Director South Carolina Department of Parks, Recreation & Tourism January 6, 2010. Tourism in SC – Generates $17.2 billion in total economic activity in South Carolina 12.6% of total employment in SC $1.2 billion in State and Local taxes

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Tourism Tax Trends Chad Prosser Director South Carolina Department of Parks, Recreation & Tourism

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  1. Tourism Tax Trends Chad Prosser Director South Carolina Department of Parks, Recreation & Tourism January 6, 2010

  2. Tourism in SC – • Generates $17.2 billion in total economic activity in South Carolina • 12.6% of total employment in SC • $1.2 billion in State and Local taxes • (equates to $727.00 per SC household)

  3. Tax Revenues from Tourism • Accommodations Tax (2% statewide) • Sales Tax on Accommodations (5%) • Admissions Tax (5%) • Sales & Use Tax (6%) • Local Tourism Taxes • Alcoholic Beverage License Fees • Gas Tax (see handout)

  4. Sales Tax

  5. Statewide 2% Accommodations Tax Collections

  6. State Accommodations Tax Distribution Total Collections FY 08/09: $41.9 million

  7. Total Collections FY 08/09: $32.4 million

  8. Statewide 2% Accommodations Tax Collections

  9. Measurable ROI • $1 invested by state in Tourism Marketing generates $2.81 in state and local tax revenue • Overall ROI of 32:1 ($32 in economic impact per advertising dollar)

  10. Tourism’s Growth Potential • One of four initial industries identified by Dr. Porter for growth of SC economy • 2006 Tourism Action Plan completed by industry: Roadmap to grow Tourism to $40 billion by 2020 • PRT and industry now completing Product Development Plans for entire state (5 regions done; last 3 in 2010)

  11. “The state’s contribution to the marketing budget represents barely 0.1% of tourism’s economic value to South Carolina. This represents a low level of re-investment in such a major industry when compared against other domestic and international destinations.” Michael MacNulty Executive Chairman Tourism Development International (from Tourism Action Plan)

  12. Conclusions • Demand for leisure travel to SC influenced heavily by tourism promotion • Demonstrated ROI on state’s tourism promotions, with tax-on-tax return of $2.81: $1 • Currently no tourism taxes dedicated to statewide tourism marketing • To be competitive, a portion of the tax revenue from tourism should be re-invested to protect and grow the revenue stream – (i.e., Dedicated Revenue Source for Tourism Promotion)

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