New American TRIP Act Bill Would Give Individuals Up To $4,000 Tax Credit to Travel
A few weeks ago, we reported on a bill that had been introduced to Congress that will give Americans a tax credit if they traveled domestically. Another bill was also introduced this week by Senator Martha McSally (R-Arizona) that would give individuals up to $4,000 to travel.
The American TRIP Act would also require domestic travel and would give individuals a $4,000 tax credit with couples receiving $8,000. An additional $500 will be offered for each child. The credit would go towards foods, drinks, lodging, entertainment, and transportation.
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The American TRIP Act bill would cover any trips taken between December 19, 2019 until January 1, 2022. So, if you took a vacation earlier in 2020, before the pandemic began, you would be eligible for the credit.
The American TRIP Act defines domestic travel as vacation taken at least 50 miles away from the taxpayers main residence.
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“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 in a press release. She also added that Arizona shed billions in travel-related revenue as a result of the coronavirus pandemic.
“My legislation will help boost domestic travel and jump-start 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,” she said.
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McSally added: “It will also encourage Americans to safely get out of their homes and discover or rediscover Arizona along with the rest of the amazing destinations our country has to offer after a difficult several months stuck inside.”
No timeline has been announced on when the bill will be voted on by Congress.
What do you think about the American TRIP Act bill? Would you start booking your next vacation to take advantage of it? Let us know in the comments below.
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