Home Travel Potential $4,000 Tax Credit For U.S. Travel

Potential $4,000 Tax Credit For U.S. Travel

by SharonKurheg

Airlines, hotels, restaurants and other sectors of the travel and tourism industry have taken a hard hit in the past few months and although there are some signs of recovery, none of them are anywhere near 2019 levels. To help the travel industry recover, the industry lobbyist U.S. Travel Association proposed a tax credit that Americans could potentially use towards their next vacation.

As per Bambridge Accountants, the incentive would be a tax credit of up to 50% for some of the things a household would spend on vacation expenses such as airfares, car rentals, hotels, theme parks, restaurants, etc.

During a round table discussion with restaurant industry leaders last month, the president indicated that he liked the plan, which is now a proposal to Congress.

“Create an ‘Explore America’ — that’s ‘Explore,’ right? Explore America tax credit that Americans can use for domestic travel, including visits to restaurants. That’s a big deal.” the president said in opening remarks to the restaurateurs.

The U.S. Travel Association said in a news release that “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.”

The Independent Restaurant Coalition apparently agrees, announcing, “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.”

Americans have said that, in light of the coronavirus pandemic, they have much more interest in traveling domestically at this time. With that in mind, a $4000 tax credit could potentially incentivize those who were on the fence about traveling at all.

As of this writing, the tax credit still needs to be reviewed by Congress before being considered to be made into a bill. If approved, the tax credit wouldn’t go into effect until the end of 2021.

#stayhealthy #staysafe #washyourhands

Like this post? Please share it! We have plenty more just like it and would love it if you decided to hang around and get emailed notifications of when we post. Or maybe you’d like to join our Facebook group – we have 13,000+ members and we talk and ask questions about travel (including Disney parks), creative ways to earn frequent flyer miles and hotel points, how to save money on or for your trips, get access to travel articles you may not see otherwise, etc. Whether you’ve read our posts before or this is the first time you’re stopping by, we’re really glad you’re here and hope you come back to visit again!

This post first appeared on Your Mileage May Vary

3 comments

Gene June 18, 2020 - 3:57 pm

Can we come up with any MORE ways to waste taxpayer money? By the end of 2021, this will be unnecessary and too late for all of the bankrupt restaurants. Where is MY handout? All of these wasteful government bailouts is what makes Democrats like myself want to vote Republican (well, after Trump is gone, anyways).

Reply
Rishi Bluebird (@rishigma) June 21, 2020 - 9:40 pm

Where is this listed as a Democrat thing? Who controls the purse of the country and who racked up 9 trillion on the federal deficit in 3.5 years? So, yeah, you want to stop the waste but also want to vote Republican? Intelligence much? What’s the definition of insanity again?

Reply
Potential $4000 Tax Credit for U.S. Travel, Why Friends and Family Don't Understand and More - Miles For Family June 19, 2020 - 11:15 am

[…] $4000 Tax Credit for U.S. Travel: I saw this post first on Your Mileage May Vary. Tax credit for travel? That’s my dream come true! Fingers […]

Reply

Leave a Reply

Stay Updated

* indicates required




Want to keep up to date with our latest posts?

* indicates required




BoardingArea
%d bloggers like this: