What You Need to Know About the Travel Stimulus Proposal
If you are American, I’m sure by now you’ve heard lots of information about all the different stimulus possibilities that are occurring to help people during COVID-19. One I heard the day however REALLY surprised me. A stimulus proposal has been submitted that would allows American citizens the opportunity to get $4,000 tax credit for a vacation.
It’s called the American Tax Rebate and Incentive Program. It was introduced by Senator Martha McSally just this week. Essentially, it means that each adult is entitled to get a $4,000 tax credit which you can apply to your taxes when you file next year (in 2021). If you are married, that means you can do a $8,000 tax credit. You can expense food & beverages, lodging, transportation, entertainment, and more.
Here are the requirements to claim this tax credit:
– You must stay more than 50 miles away from your home.
– You must be within the United States.
– There is NO income requirements.
For more information on the travel stimulus, read more here.