The “Explore America Tax Credit” Could Reward American Households Up To $4,000 For Restaurant Visits And Domestic Travel
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COVID-19 has triggered a public health emergency and plunged the economy into a black hole. While the Paycheck Protection Program and the CARES Act have given Americans short-term relief, government officials continue to develop new guidelines to help the hardest hit industries.
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In a panel discussion with restaurant managers and industry leaders on May 18, President Trump launched the idea of a tax deduction for Americans that could potentially help boost the economy again. "Create an" Explore America "- that's" Explore ", right? Explore America tax credit that Americans can use for domestic travel, including visits to restaurants," he said. However, no further details of this tax credit have been disclosed since these comments last month.
Bambridge Accountants New York has posted on Newswire what this plan might look like if it is adopted. "Explore America's tax credit would give Americans $ 4,000 per household tax relief to go back to restaurants and travel home." In short, those who put money back into the restaurant and travel industry could be rewarded in the tax season.
Related: A definitive schedule for Trump's excuses about his taxes
The original proposal provides for a tax credit of up to 50 percent of a household's spending on expenses, including airfares, rental cars, hotels, theme parks, and restaurants. It would apply to eligible expenses in 2020 and 2021 and would be limited to $ 4,000 per household.
"A tax credit and Explore America campaign will do wonders to bring America back to prosperity," the US travel association wrote in a statement. The Independent Restaurant Coalition also welcomed the idea: "We are grateful that President Trump and Congress are taking our industry's concerns seriously and look forward to working together to ensure that our companies can survive this crisis and our employees can work again."
It is unclear whether this measure has already been proposed in the US House of Representatives or the Senate, and where or if it has entered the legislative process. We are keeping our fingers crossed that the Explore America Tax Credit will come into force as I am sure that we will all be itchy to eat and travel as soon as it is safe again. It is a win-win situation for everyone.
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