52ºF

This proposed bill would give Americans a $4,000 tax credit to take a vacation

photo

In an effort to boost the tourism industry following the coronavirus pandemic, a bill has been proposed which would provide Americans a $4,000 tax credit to take a vacation.

WUSA reports Arizona Sen. Martha McSally introduced the American Tax Rebate and Incentive Program Act (TRIP) on Monday.

According to the report, the bill would provide tax credits to Americans who spend money on lodging, entertainment, and other travel-related expenses.

“The tourism and hospitality industries were among the hardest hit sectors across the country and their revival is critical to our economic recovery,” McSally said according to WUSA. “My legislation will help boost domestic travel and jumpstart the comeback of our hotels, entertainment sectors, local tourism agencies, and the thousands of businesses that make Arizona one of the best places in the world to visit.”

If passed, American TRIP would provide a $4,000 travel credit for individuals, or $8,000 for joint filers, and an additional $500 credit for dependent children through January 1, 2022, WUSA reports.

According to the report, the proposed legislation would require Americans to vacation within the United States and its territories, and the destination must be beyond 50 miles from the taxpayer’s main residence.


About the Author: