Future Cape Cod Coalition was formed between Cape Cod Chamber of Commerce, Cape Cod & Islands Association of Realtors, Association to Preserve Cape Cod, and Housing Assistance Corporation to advocate directing revenue that the Cape towns will start receiving from inclusion of short-term rentals in the new occupancy tax law to Infrastructure and Community Investment Stabilization Fund. The Coalition has drafted a model bylaw that would allow towns to direct at least 50% of the new local option rooms excise tax to a town-managed fund, which is controlled exclusively by each town for projects it chooses at its own discretion for housing, wastewater, broadband, transportation, and competitive marketing of Cape Cod.
According to the Coalition statement, "Unless the new rental tax revenues are protected, residents will not see any property tax relief. Dedicating this new money to long-term spending provides towns with more budget predictability and the ability to avoid relying on a fluctuating revenue source."
If interested in reviewing the bylaw and signing the open letter to local officials, please visit www.futurecapecod.com