Vacation tax credit?

[SL6827]

Was there some type of vacation tax credit that was supposed to come about for next year?

 

[stsomewhere]

I read something awhile ago about it but have not heard anything since.I believe it was for travel for this year.

 

[Disneyfan754321]

Was there some type of vacation tax credit that was supposed to come about for next year?

Its one of the things thats is being considered when Senate meets next week.

 

[tcufrog]

It's a terrible idea if we want to end the pandemic.

 

[Rob Huff]

Seems highly unlikely to have legs. Maybe in a future year if/when the feds decide to significantly incentivize travel.

 

[wiscbugs]

Its a terrible joke that does absolutely nothing to help with the pandemic. Every industry wants money because...well...that's what industry does.

 

[DLgal]

It was just a proposal. They are supposed to unveil the next stimulus plan next week and all signs point to it being another check, but the qualifying income may be lowered significantly in order to help the people who need it most.

AFAIK, the travel tax credit idea is dead in the water, mostly due to the continued leisure travel restrictions in place in many parts of the country with no end in sight.

 

[bearzabout]

I have heard that 85% of restaurants may not survive the downturn caused by the virus. My guess is that businesses in the travel industry could see a high failure rate also. The industry is going to need in influx of money to survive. I would really like airlines, theme parks, hotels, restaurants and the entertainment industry in general with all the jobs they provide to survive the downturn. They have bills to pay and will need income to keep from going bankrupt.

We need to support the things we love or they may not be around in the future.

 

[Shelly F - Ohio]

Yes its suppose to be $4000. tax credit. So you wont get a check but get to write this off on your taxes Sen. Martha McSally, R-Ariz., proposed a bill on June 22 called the American TRIP Act that would grant vacation tax credits up to $4,000 per American adult or $8,000 per married couple, plus $500 for each dependent child, Forbes reported.

 

[MKCP5]

Yes its suppose to be $4000. tax credit. So you wont get a check but get to write this off on your taxes Sen. Martha McSally, R-Ariz., proposed a bill on June 22 called the American TRIP Act that would grant vacation tax credits up to $4,000 per American adult or $8,000 per married couple, plus $500 for each dependent child, Forbes reported.

Let me get this straight. If you can provide receipts for going on vacation in 2019 you will get a tax credit of up to 4K per adult? I'm trying to wrap ,y head around this in the middle of a pandemic. No judgement. If your family feels it is safe to travel, that is your business. I am just genuinely trying to understand what this is.

 

[TDSAXX]

Let me get this straight. If you can provide receipts for going on vacation in 2019 you will get a tax credit of up to 4K per adult? I'm trying to wrap ,y head around this in the middle of a pandemic. No judgement. If your family feels it is safe to travel, that is your business. I am just genuinely trying to understand what this is.

No. It has not been passed into law yet and may never be. But if it is it will be for 2020, not 2019.

 

[MKCP5]

No. It has not been passed into law yet and may never be. But if it is it will be for 2020, not 2019.

Quite interesting. Personally, I'd LOVE that. But it does smack of yet another tax break for those who are already making a comfortable enough living to be able to afford big vacations.

 

[SoShiny]

Yes its suppose to be $4000. tax credit. So you wont get a check but get to write this off on your taxes Sen. Martha McSally, R-Ariz., proposed a bill on June 22 called the American TRIP Act that would grant vacation tax credits up to $4,000 per American adult or $8,000 per married couple, plus $500 for each dependent child, Forbes reported.

Tax credit is different than tax deduction. Tax credit is a direct lowering of the amount you owe in taxes. For example, assume that I paid in $200 through paycheck deductions for my taxes, and my tax bill was $20 at the end of the year. If I had a tax credit for $120, I would get a check for $100.

 

[shjrc371]

Quite interesting. Personally, I'd LOVE that. But it does smack of yet another tax break for those who are already making a comfortable enough living to be able to afford big vacations.

Tax credits are usually based on income levels. The higher the income, the lower the credit.

 

[wiscbugs]

Quite interesting. Personally, I'd LOVE that. But it does smack of yet another tax break for those who are already making a comfortable enough living to be able to afford big vacations.

Not a chance of this passing.

 

[BridgetBordeaux]

Not a chance of this passing.

If it's passed, I will be upgrading from Pop to Poly if it is safe to travel!

Presently all our plans in 2020 have been cancelled.

 

[TDSAXX]

Not a chance of this passing.

Unlikely to pass; but anything’s possible in politics.

 

[Starport Seven-Five]

Very unlikely to happen due to issues mentioned above (who benefits and we won't be in a position to encourage travel anytime soon). Never say never but I wouldn't put much thought into where you'll spend that 4k at this time.

 

[MKCP5]

Unlikely to pass; but anything’s possible in politics.

Very unlikely to happen due to issues mentioned above (who benefits and we won't be in a position to encourage travel anytime soon). Never say never but I wouldn't put much thought into where you'll spend that 4k at this time.

Totally agree but it sure is fun to think about!

 

[TDSAXX]

Quite interesting. Personally, I'd LOVE that. But it does smack of yet another tax break for those who are already making a comfortable enough living to be able to afford big vacations.

On the flip side it might help CM’s, flight attendants and hotel employees keep their jobs.