Tax breaks for travelers could help coronavirus-hit tourism industry
Travel industry lobbyists want to give $4,000 tax breaks to vacationers to help industry recover
The government is considering paying Americans to travel.
Families at the entrance to Magic Kingdom amusement park at Walt Disney World. (iStock)
The tourism industry has suffered a loss of $2.1 trillion in revenue and as much as 75 million jobs, according to the World Travel and Tourism Council, a trade group that represents travel companies worldwide. And in the U.S., travel business owners want taxpayers to pay people to help the industry recover from lost revenue as a result of the coronavirus pandemic.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Travel industry lobbyists want to give $4,000 tax breaks to Americans as an incentive to start traveling to hotels, theme parks, restaurants and other travel destinations, calling it the “Explore America” tax credit. The proposed tax credit is just one of a number of initiatives tourism industry lobbyists are pitching.
Travel expenses over $50 incurred while traveling away from home in the U.S., such as transportation, recreation, lodging, meals and gas, would qualify.
MEXICO RESUMES TOURISM IN CANCUN AND THESE BEACH DESTINATIONS
Despite international travel restrictions still in place, a number of Americans have started to book travel domestically. Destinations across Florida such as Panama City Beach and Destin are among the top-10 trending destinations in the U.S., according to home rental website Airbnb, followed by trips to Hilton Head Island in South Carolina and Port Aransas in Texas.
US DOMESTIC TRAVEL RECOVERING AS CORONAVIRUS RESTRICTIONS EASE
Official legislation for the "Explore America" credit has not yet been introduced to Congress, and the tax credit would not go into effect until the end of 2021.
CLICK HERE TO READ MORE ON FOX BUSINESS