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Widespread industry support for hospitality stimulus bill
A new bipartisan bill aimed at rescuing the hospitality industry and protect millions of jobs is receiving industry-wide backing.
The Hospitality and Commerce Job Recovery Act was tabled by Sen. Catherine Cortez Masto and Sen. Kevin Cramer.
It is offering new tax credits for the hospitality and meetings industry for two years starting 1 January 2021.
The U.S. Travel Association has welcomed the bill.
"Targeted economic relief for struggling travel-related businesses needs to be a significant priority in America’s broader economic recovery plan. The bipartisan Act includes a number of crucial measures to provide much-needed economic stability to millions of Americans whose livelihoods rely on travel and tourism," U.S. Travel Executive Vice President of Public Affairs, Tori Emerson Barnes said in a statement.
"The Leisure & Hospitality industry has suffered nearly 40% of all job losses nationwide, and a staggering 50% of all travel-supported jobs will be lost by the end of December if there is no federal intervention."
It has also been applauded by ASTA.
It includes an employee-retention tax credit, which the bill says will ‘help maintain the vital connection between workers and their employers.’
It would issue a credit of 50% for qualified travel expenses traveling at least 50 miles from home and includes an overnight stay.
There is an upper limit of $1,500 per household plus qualifying children up to a maximum of $3,000 for a family of five.
"It will provide immediate benefits for many of our members — which is welcome as many of the Cares Act relief programs have run dry," said Eben Peck, ASTA’s Executive Vice President for Advocacy.
Written by Ray Montgomery, US Editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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