Bipartisan Invoice Launched to Help Journey, Hospitality and Tourism Industries

US Senators Catherine Cortez Masto and Kevin Cramer, along with US House of Representatives Steven Horsford, In this LaHood and Jimmy Panetta have revealed that Hospitality and Commerce Job Restoration Act of 2021that would provide relief and recovery measures for the travel, hospitality, entertainment, convention and exhibition industries and their workers. According to Senator Cortez Masto’s office, this would boost the economy by creating new incentives for hospitality and trade shows to recover, extending employee retention tax credits to reduce layoffs and keep Americans busy, and perishable credit for food and drink Drinks is created to help small businesses cover costs for inventory lost during COVID Closures and a middle class family tax credit to expedite travel when it’s safe.

“Many industries that affect tourism and travel were the first to be injured by COVID-19 and could be the last to make a full recovery,” Sen. Cramer said in a press release. “Our bill offers help to some of the hardest hit businesses, encourages employee retention and encourages families to travel when it is safe to do so.”

Last year, Senator Cortez Masto introduced the Hospitality and Commerce Job Restoration Act of 2020 the major challenges for the tourism and hospitality industry in Nevada and across the country. The travel industry contracted $ 492.3 billion in 2020, and spending declined 42 percent over the year. No industry has lost more jobs than leisure and hospitality during this pandemic;; Of all jobs lost nationwide, 39 percent come from the leisure and hospitality industry. The decline in travel expenses has resulted in federal, state, and local tax revenues falling over $ 64.0 billion over the course of 2020, a 36 percent decrease from the previous year.

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In a statement by the American Society of Travel Consultants said: “ASTA has strong support for the bill and has contacted all sponsor offices and will work with them to incorporate it into the upcoming COVID relief legislation.”

In particular, the Hospitality and Commerce Job Restoration Act of 2021 would:

• Extend the employee retention tax credit from July 1, 2021 to January 1, 2022
• Offer a modest qualified travel expense tax credit to many Americans
• Support the convention and exhibition industry by creating a tax credit for the cost of attending or hosting a convention, business meeting, or trade show in the United States between January 1, 2022 and December 31, 2024
• Restore the entertainment business expense deduction for three years by repealing the 2017 tax cut and jobs law changes
• Support the restaurant industry by setting up a restaurant or food service business tax credit that will cover any cost of reopening or increasing service at a facility that is forced to close or shut down due to the COVID-19 pandemic Reduce – including renovation, refurbishment, and testing or labor costs required to prevent the spread of COVID-19, effective between the Effective Date and December 31, 2022.
• Providing temporary credit for non-marketable small business storage charges that have been lost due to taking precautions to stop public gatherings

Beyond ASTA, the Hospitality and Retail Job Restoration Act of 2021 is approved by US travel, the American Gaming Association, the American Hotel and Lodging Association, the National Restaurant Association and a number of other associations and coalitions dealing with hospitality and tourism.

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