Americans Could Get Up to $4,000 Tax Credit For Travel
The possibility that we will see another stimulus package is high, and it could happen later this summer. Within that package we could see an incentive for Americans to start traveling again, dine out and visit park and tourist attractions.
The Explore America Tax Credit would provide tax relief, proposed at $4,000 per household, for Americans to go back to restaurants and domestic travel. This is similar to what Japan is considering, and also Sicily that could cover some expenses for visitors.
The proposal was made during remarks at a recent roundtable at The White House.The proposed tax credit has been welcomed by the restaurant and travel industries.
“We are grateful that President Trump and Congress are taking the concerns of our industry seriously and look forward to working together to ensure our businesses can survive this crisis and our employees can get back to work,” the Independent Restaurant Coalition said in a statement.
The US Travel Association also praised the plan. “An ‘Explore America’ tax credit and campaign will do wonders to put America back on the path to prosperity. We applaud the president’s support, and with our industry’s health and safety guidance for the reopening of travel businesses in place, we are very prepared to work with the administration to push the effort forward at the right time.”
If approved, the “Explore America” Tax Credit would provide up to $4,000 for Americans for vacation expenses spent in the U.S. at hotels, theme parks, restaurants and other tourism-related businesses through the end of 2021, Forbes reports. The credit would cover up to 50% of a household’s total vacation expenses, up to a maximum of four grand.
6 thoughts on “Americans Could Get Up to $4,000 Tax Credit For Travel”
lol who comes up with these great ideas? people are unemployed and under-employed right now. how about taking care of some more essential needs than travel? lol tax credit for dining out? how about money to actually eat at all for those under poverty line???
it wasn’t enough that we bailed out airlines, we also need to pay to give them business now. clearly a bill written by the airline and restaurant lobbyists.
It’s not for airlines. It is for going to hotels and restaurants to get the economy going again. Great idea!
you really think this the best use of taxpayer money right now? subsidize meals and hotel stays for people who can afford to travel? we cant give people healthcare because it’s too expensive, but knocking a few dollars off your restaurant bill when there’s people who can’t afford food is a great idea.
if you want to get the economy going give money to those who need it. give another stimulus check. those are the people who will go out and spend it right away because they have no choice because they really need the money. that will be a much bigger boost for the economy than just focusing on a few industries. but that’s who lobbies, so that’s who get the money.
it is not about who needs it or where the money would be best spent.
so anyone who can afford a vacation is now going to get a tax break. This has got to be the stupidest thing I have ever heard. We have hungry citizens in this country, lines for miles at food banks, but we are going to give money to well off citizens so they can get their party on.I’m going away July 4th and in August same as always, anyone who can afford to travel does not need anchor tax break. And a tax break is not going to get people to travel if they don’t feel safe. Use it on I don’t know helping those who actually need.
Details are still sketchy but a $4K tax credit provides substantially more benefit for high end payroll earners who’d be paying 30+% in taxes giving them another $1200+ in government vacation money. Will be interesting to see if other travel components besides hotels and restaurants, e.g. railroads, buses, airlines, cruise ships, etc. get included. In any case, Las Vegas will definitely benefit if the becomes reality.
“high end payroll earners, giving them 1200” ……WRONG! Get your facts right. This is actually better for EVERYONE than the previous stimulus package because you can use it regardless of your tax bracket. I earn a little over 100k a year with an AGI of 90k and I never received a $1200 check. The cut off was 75k for a single filer.