Urge Congress To Support Tax Credits For Trade Shows
PRI-supported legislation was reintroduced in the 2021-2022 session of Congress that would provide tax credits to cover 50% of the expenses associated with exhibiting or attending a trade show. The bipartisan Hospitality and Commerce Job Recovery Act of 2021 (H.R.1346/S.477) would help businesses that participate in trade shows and the millions of men and women employed in the tourism industry.
PRI’s Government Affairs Office is working in coordination with other key industry and trade groups to educate members of Congress and staff on the need to pass the Hospitality and Commerce Job Recovery Act of 2021. It is important that members of Congress continue to hear from industry members about the need to provide tax credits to businesses that participate in trade shows, including the PRI Trade Show in Indianapolis. To send a letter to your lawmakers in Washington, D.C., please click here.
Key provisions of the Hospitality and Commerce Job Recovery Act of 2021:
· Establish a tax credit for 50% of the cost of attending or exhibiting at a convention, business meeting, or trade show in the United States between January 1, 2022, and December 31, 2024.
· Create a tax credit equal to 100% of the qualified restart costs paid or incurred to reopen facilities designed for conventions, business meetings, or trade shows if the facility was forced to temporarily close or reduce operations due to the COVID-19 pandemic. Costs may include any renovation, remediation, personal protective equipment, cleaning, testing, or labor to prevent the spread of COVID-19.
· Restores the Entertainment Business Expense Deduction for 2021 and 2022.
· Establishes a tax credit for restaurants or food service businesses that would cover any cost associated with reopening or increasing service at an establishment forced to temporarily close or reduce operations due to the COVID-19 pandemic. The credit would be effective between the date of enactment and December 31, 2022.
· Creates a tax credit for 50% of qualified travel expenses for individuals up to a maximum of $1,500 per household plus $500 for each qualifying child (maximum benefit of $3,000 for a family of five). The credit begins phasing out for individuals making more than $75,000 per year ($150,000 for married couples).
· Provides a temporary credit for unmerchantable inventory costs for small businesses that were lost due to necessary precautions to halt public gatherings.
For details, contact Eric Snyder at email@example.com.