Will You Get A $4,000 Tax Credit & Another Stimulus Check?
Will there be another COVID-19 Federal stimulus check coming? Will you instead be offered a $4,000 travel/vacation tax credit? It's all up in the air right now, but you could be eligible for both if they happen. The key phrase in that last sentence was IF. Here's what we know so far.
According to Forbes, "the Explore America Tax Credit would dangle up to $4,000 in front of Americans for vacation expenses spent in the U.S. at hotels, theme parks, restaurants, and other tourism-related businesses through the end of 2021. The credit would cover up to 50% of a household’s total vacation expenses, up to a maximum of four grand."
Fox Business reported last week that Treasury Secretary Steven Mnuchin indicated that "the Trump administration will seriously look at sending another round of direct cash payments to some Americans in the fourth coronavirus relief package."
In May the House passed the HEROES Act which would send another round of $1,200 checks to American adults and children with the amount capped per family at $6,000. The Senate still would have to pass something similar in order for any funds to be sent out to Americans after a compromised bill is agreed to between the House and Senate.
If just the proposed tax credit passes, think of it as a vacation somewhere in the US half off. But would you travel? It's a debate that we are having at home right now as airfare is relatively cheap, and hotels are looking for people to come to stay, but the nagging thought I've had is what if there is a surge in cases and we can't get back home due to quarantine?
Locally the family that owns the building that our sister stations KRFO-AM and Kat Kountry 105 are located in, recently used their stimulus check to buy meal gift certificates for everyone who works in the building, that's multiple businesses. It was a really thoughtful thing to do and a great way to support other local businesses like restaurants.