Could We All Be Receiving a $4,000 Tax Credit for Travel Soon? Here's What We Know
Receiving that $1,200 stimulus check feels like a lifetime ago. The good news is it looks like another one may becoming our way (hopefully) very soon. Though this stimulus package will be a bit different than the first, seeing as it could potentially include a $4,000 tax credit for travel.
Dubbed the 'Explore America' Tax Credit, the package came into discussion during a routable at the White House. Trump and the travel industry are both onboard with the idea, but what exactly does it include?
Forbes reports, "If approved, the 'Explore America' Tax Credit would dangle 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 tourism industry has been hit hard by the pandemic. Nearly 40 percent of the jobs lost in April came from travel businesses. This tax credit is seen as a way to encourage more Americans to travel during the pandemic.
Still, this proposal would have to be approved by Congress. And as of now, neither the House of Representatives or Senate has pushed forward the measure. Only time will tell if we'll receive the tax credit.
For those of you still planning on flying whether you receive the tax credit or not, don't expect to be served in-flight drinks anytime soon. HERE'S why!