Next Stimulus Package Could Include $4,000 Vacation Tax Credit
Are you on the fence about taking that vacation this summer? This could sway you to take that getaway.
There has been a lot of talk about a second economic stimulus package eventually coming from the federal government, and there have been many facets discussed to jump-start the United States economy. One particular idea would help out the hospitality and tourism industries, and would help you get a tax credit just for taking a vacation.
According to a Forbes report, the "Explore America" tax credit is being considered for the next stimulus plan. It would allow Americans to claim up to $4,000 in travel related expenses on their taxes. Forbes says this would include "...vacation expenses spent in the U.S. at hotels, theme parks, restaurants and other tourism-related businesses through the end of 2021. The credit would cover up to 50% of a household’s total vacation expenses, up to a maximum of four grand."
So like I wrote above, if you have been teetering on taking that summer vacation in an effort to save money, this may be the incentive you need to still take that getaway with your family. You can not only get away while saving money in the long run, but you could also supply some much needed support to our travel industry. Hopefully this idea gets pushed through in the next stimulus plan.