With the CARES Act coming soon to come to a close, lawmakers are proposing new ideas to incentivize people to get back out there and spend some money in an effort to start rebuilding the economy.
There have been many proposals put forth by lawmakers, and you can check out those other ones you can do so here. Today we will be looking at what has been called the American Tax Rebate and Incentive Program (TRIP) Act, which was proposed by Arizona Senator Martha McSally. According to the newly proposed bill, Americans could see a nonrefundable tax credit of up to $4,000 per adult.
This non-refundable tax credit would be for any expenses racked up while traveling more than 50 miles from your home. If you are wondering what "expenses" means, the bill states anything that includes food, beverages, lodging, transportation, live entertainment events, and business conferences/meetings. If the bill ends up passing, the $4,000 will be applied retroactively to the start of 2020 and will continue throughout 2021. Couples that file for the tax credit will receive $8,000, and an additional $500 for every eligible child.
Essentially, this bill is an incentification for people to get back out there and travel America, which would result in money pouring back into the economy, thus helping everyone.
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Last updated: Jun 30, 2020 at 07:00 pm CDT
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