Airbnb, one of the world’s largest marketplaces for short-term rentals, has announced its community generated $53.3 million in tax revenue in the State of Arizona since the company began collecting and remitting applicable taxes in 2017.

This figure includes approximately $23.1 million remitted to the State of Arizona this year, from Jan. 1 through Oct. 31, according to a press release.

Arizona’s short-term rental law, passed in 2016, set clear, consistent standards allowing Arizonans to participate equally in home sharing and streamlined tax collection.

Airbnb collects applicable taxes directly from booking guests and remits the revenue to the state. The state then distributes the tax to the respective local jurisdictions. Guests see taxes as a separate item on their booking receipt.

“The Airbnb community continues to make significant, positive economic contributions across Arizona, generating tax revenue and helping families earn meaningful extra money,” said Laura Spanjian, Airbnb Public Policy Manager, Southwest, in a prepared statement. “We remain committed to working communities around the state to ensure short-term rentals continue providing sustainable tourism with long-term benefits to the community.”

Short-term rentals add extra lodging to support the state’s growing tourism economy, especially when hotels sell out during big events and popular weekends, spring training games throughout the Valley, college football games in Tucson and Tempe, and winter recreation season in northern Arizona, the press release stated.

According to the most recent Arizona Office of Tourism report, state hotel occupancy rates, daily prices and revenue up are increasing, even as local Airbnb hosts welcomed hundreds of thousands of guests.