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.