cheryl
Administrator
Staff member
The “Explore America Tax Credit” Could Reward Americans Up to $4,000 for Dining Out and Traveling Domestically - House Beautiful
In a roundtable discussion in May, President Trump floated the idea.
COVID-19 has brought on a public health emergency and has also thrown the economy into a black hole. While the Paycheck Protection Program and the CARES Act have offered short-term relief to Americans, government officials are continuing to map out new guidelines to assist the industries hardest hit.
In a roundtable discussion with restaurant executives and industry leaders on May 18, President Trump floated the idea of a tax deduction for Americans that could potentially help re-stimulate the economy. "Create an ‘Explore America’—that’s ‘Explore,’ right? Explore America tax credit that Americans can use for domestic travel, including visits to restaurants," he said. However, since those remarks last month, no further details of this tax credit has been announced.
Bambridge Accountants New York outlined on Newswire what this plan could look like if passed. "The Explore America Tax Credit would provide tax relief, proposed at $4,000 per household, for Americans to go back to restaurants and domestic travel." In short, those who put money back into the restaurant and travel industry could be rewarded come tax season.
In a roundtable discussion in May, President Trump floated the idea.
COVID-19 has brought on a public health emergency and has also thrown the economy into a black hole. While the Paycheck Protection Program and the CARES Act have offered short-term relief to Americans, government officials are continuing to map out new guidelines to assist the industries hardest hit.
In a roundtable discussion with restaurant executives and industry leaders on May 18, President Trump floated the idea of a tax deduction for Americans that could potentially help re-stimulate the economy. "Create an ‘Explore America’—that’s ‘Explore,’ right? Explore America tax credit that Americans can use for domestic travel, including visits to restaurants," he said. However, since those remarks last month, no further details of this tax credit has been announced.
Bambridge Accountants New York outlined on Newswire what this plan could look like if passed. "The Explore America Tax Credit would provide tax relief, proposed at $4,000 per household, for Americans to go back to restaurants and domestic travel." In short, those who put money back into the restaurant and travel industry could be rewarded come tax season.