$4,000 Travel Tax Credit Could Be in the Works
The COVID-19 pandemic sent many into a financial panic. We have seen several jobs lost in our community. From restaurants to travel, profits have plummeted. Luckily for many of us, Congress stepped in and authorized a first stimulus check to the tune of $2.2 trillion dollars through the CARES Act. The way the checks broke down was $1,200 for each individual and $500 for each dependent.
Most Americans have received their stimulus payments and chances are if you have received yours already the money is long gone Now many Americans are hoping there is a second stimulus check coming our way.
There is a lot of talk right now whether we will get another stimulus check or a $4,000 travel credit. According to Forbes.com, President Trump and industry leaders love the idea of the "Explore America" tax credit. Will Congress love the idea too?
If approved, the “Explore America” Tax Credit would give Americans up to $4,000 to be used on vacation expenses. Up to 50% of a household’s total vacation expenses could be credited. Of course, the max is $4,000. Don't pack your bags for Italy or Greece, these expenses must be spent in the U.S. at hotels, theme parks, restaurants, and any other businesses that are classified as a tourism-related business.
Many experts are saying you should not count on it. This just breaks my heart, why tease us? Don't be bringing me down as I am packing my bags. I am just out here trying to stimulate my economy, okay?