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.