Congress considering a $1000 Tax Credit for Travel

[CarolMN]

Check out this CNN article on the Travel America Now Act:

http://www.cnn.com/2001/TRAVEL/NEWS/10/05/rec.travel.tax.credits/index.html

If this passes in its current form, it'll be like getting a free trip . Sounds too good to be true, doesn't it?

 

[Granny]

It does sound too good to be true. Here we are on October 5, and it seems unlikely this would just fly through Congress. Even if they get it passed in a week, that leaves just 2 1/2 months of travel time during a generally low travel season in the US.

I would really be bummed if it does go through because I've already banked my points into 2002!

 

[mikesmom]

I gotta say that even though it would do me a WORLD of good (short trip to Missouri late October, 3 day trip to Epcot Food Fest with DH in November and 3 day trip with DS to see the Christmas decorations at WDW), that has got to be one of the craziest things Congress has thought of yet.

They'll be shelling out money to every college student that drives home for Christmas break!

 

[LTGRAMPS]

It also said it would be effective from the day it becomes a law! That leaves us out, we're heading down tomorrow!!

 

[jfulcer]

don't forget there's a $500 individual cap and $1000 couple cap on the credit. So the most you would get back in credit is $1000.

Still, $1000 is better than nothing.

 

[WDWMom]

I wonder, does the travel have to be booked after the bill passes? I was considering an extra trip in Nov. now I may have an added incentive to book now.

 

[TnRobin]

Hummmm that Thanksgiving trip is looking promising.

 

[Disney Adventurer]

Got my fingers crossed. Have an upcoming trip planned that would fit just fine. Do you think park passes would be cover under entertainment expenses or tour fees. Already go a great deal on airfare so it would be fantastic if park passes would also be covered.

 

[figgy4me]

They need to hurry up and okay this before November....
Crossing my fingers.

 

[DB Washington]

Heck I didn't think those rebate checks would come but wallah!!We're there in Dec. It would be a nice Christmas present.

 

[SnowWitch]

If thye pass this, I'm going to Disney. We have been playing with the idea of going in Dec, and a tax incentive could be a good little push in that direction!

 

[msdis]

Is this proposal a $1000 rebate or a $1000 deduction off your taxes. The difference makes a BIG difference. For a tax savings of $300 I probably wouldn't jump at it, but for $1000, that's a free vacation!

 

[mikesmom]

It's a tax credit, from what I hear. That means NOT a deduction, but a credit off the tax bill. In other words, straight to the bottom line!

I still don't think it will pass - lots of times Congressmen float an idea just to get some points with the voters - doesn't mean it will go anywhere.

That being said, I think it would help. For instance, we had 2 short trips planned and were seriously thinking of cancelling, both because of the economy (although being DVC it wouldn't cost all that much) and because of an ominous feeling about being in a well-known, crowded venue. A tax credit would probably shove the decision back the other way.

 

[Deb & Bill]

DB Washington - Does wallah mean Voile!?????

When I told my husband about this possible tax credit for our Nov trip, he and I both went around shouting "USA! USA!"

 

[mikek]

although i'd love it-

I'd have to agree with mikesmom. Just floating an idea that probably wont happen in order to look good with voters.

Just like Sen. Schumer grandstanding for the superbowl in NYC (well actually northern NJ).

 

[nickglover]

It ain't going to happen. No way. Just an idea. If they COULD pass something like that, it should at least include everyone diverted and/or stranded during the week of 9/11. We were going to Disneyland on 9/11. Made it the next day, but couldn't get home for another three days.

 

[DB Washington]

Deb & Bill

Voile, ole, whatever makes ya happy mate. Go polys we're rooting for the Tax Credit down in Bushland. Get it throught to "W"'s desk.

 

[tinkrbells]

they would allow the credit if you were purchasing for DVC. That would be for travel.
There are all kinds of loop holes that will befun to figure out with this credit, IF it passes...I
won't get my hopes up.

We are looking to buy into VWL this month.

tinkrbellsinkbounc

 

[CarolG]

tinkrbells, the credit would only be for lodging, and any air/rail/bus/car transportation expenses.

Here's a brief summary I posted on the Community Board.

 

[KNWVIKING]

Based on the posted summary,I wonder if staying at DVC on points would in anyway qualify ? Technically we're not puting money back into the economy by paying for lodging. Also, when we fly down in Nov, we're using airline tickets purchased with "travel miles" from our credit card, not actual cash. Even if this tax credit were to pass, I don't think I'd see any savings.