There’s been talk on Capitol Hill of ways to help stimulate the economy and help the millions of people who have filed for unemployment since the start of the coronavirus pandemic.
A second tax credit and the idea of an “Explore America” tax credit have been thrown around and President Donald Trump seems to be behind the idea.
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“Explore America tax credit that Americans can use for domestic travel, including visits to restaurants. That’s a big deal,” Trump said in a roundtable with restaurant executives and industry leaders in May.
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The tax credit would be up to $4,000 per household and it would apply for eligible expenses in 2020 and 2021, according to a press release from Bambridge Accountants New York.
The credit has yet to officially be made into a bill, but, that hasn’t stopped leaders in the travel industry from being hopeful.
“Travel supported jobs for one in every 10 Americans before the pandemic, and 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,” said U.S. Travel Association CEO Roger Dow.
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A Forbes article noted that a travel tax credit would create more jobs and help reduce unemployment but also noted there are major safety concerns regarding COVID-19.
“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, and with our industry’s health and safety guidance for the reopening of travel businesses in place, we are very prepared to work with the administration to push the effort forward at the right time,” said Dow.