NY S09077

Increases the hotel and motel occupancy tax rate in Albany County from 6 percent to 6.5 percent of the per diem rental rate charged to room occupants.

Modifies revenue distribution after the convention center project completion date: reduces the administration expense retention from 10 percent to 1 percent of total revenue and reallocates percentages to convention and tourism development (2/13), civic center debt service (4/13), convention center authority (6/13), and a new economic development fund (1/13).

Creates a new special fund for economic development activities, business development and growth to be managed by the Advance Albany County Alliance, receiving 1/13 of the distribution amount after the convention center completion date.

Extends the sunset date of the occupancy tax authorization from December 31, 2024 to December 31, 2027, allowing Albany County to continue collecting the tax for an additional three years.