'Explore America' tax credit? A $4000 stimulus could be in the works to boost the travel industry
Donald Trump hints at a $4000 tax relief for Americans visiting restaurants and domestic travel
Eric L. Martin | Chubby Diaries
Tourism takes a major hit due to COVID-19
It is no question the that the US economy has been hurt by quarantine and shelter in place measures due to COVID-19. But the travel industry in the United States--a driving force in the US economy, has taken a major hit. According to Forbes, 40% of jobs from travel businesses and employees were lost through April. The travel industry was one of the first and hardest hit industries due to the shut down.
'Explore America' $4000 tax credit for travel expenses?
In a White House roundtable with restaurant industry leaders, President Trump hinted at an “’Explore America’ tax credit that Americans can use for domestic travel, including visits to restaurants.”
The “Explore America” Tax Credit, if approved, would put up to $4,000 in front of Americans for vacation expenses spent in the U.S. at hotels, theme parks, restaurants and other tourism-related businesses through the end of 2021. The credit would cover up to 50% of a household’s total vacation expenses, up to a maximum of four thousand dollars.
The credit, which the US Travel Association says should apply to any expense over $50 on things such as "meals, lodging, recreation, transportation, amusement or entertainment", would remain in force until the end of 2021.
While the 'Explore America' tax credit isn't guaranteed, experts are hoping that Congress and the Trump administration makes the travel industry a priority.
“We are grateful to the president for hearing our call for a national effort to get Americans traveling again as the country shifts into the recovery phase,” said Roger Dow, CEO of the U.S. Travel Association in a statement last month.
“Travel supported jobs for one in every 10 Americans before the pandemic,” said Dow. “Measures to incent travel will not only give people a renewed appreciation for this great country in which we live, but they are an efficient and effective way to ignite a recovery and restore jobs in every corner of the nation.”
Eric L. Martin Chubby Diaries Travel Analyst. He writes on the latest Travel News and much more.
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