S.4807 - Hospitality and Commerce Job Recovery Act of 2020116th Congress (2019-2020)
|Sponsor:||Sen. Cortez Masto, Catherine [D-NV] (Introduced 10/19/2020)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 10/19/2020 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.4807 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (10/19/2020)
Hospitality and Commerce Job Recovery Act of 2020
This bill establishes new tax credits and revises existing credits and deductions to protect the hospitality and restaurant industries. Specifically, the bill allows a convention and trade show restart tax credit for (1) the costs of participation in a convention, seminar, or similar meeting, a business meeting, or a trade show that takes place after 2020; and (2) the costs of reopening an entertainment facility closed due to the COVID-19 (i.e., coronavirus disease 2019) pandemic. It also allows a business-related tax credit for the costs of reopening restaurants or food service businesses forced to close down or reduce operations due to COVID-19.
The bill modifies, and increases the rate of, the tax credit for the retention of employees for an employer whose business has been affected by a disaster or public health emergency. It also repeals the increased limitations on the tax deduction for meals and entertainment expenses enacted in 2017.
Finally, the bill allows individual taxpayers a new tax credit for travel expenses relating to entertainment activities occurring in the United States between January 1, 2021, and December 31, 2023.