February 26, 2021 – Washington, D.C. – U.S. Senators Catherine Cortez Masto (D-Nev.) and Kevin Cramer (R-N.D.) together with U.S. Home of Representatives Steven Horsford (D-Nev.-04), Darin LaHood (R-Sick.-04), and Jimmy Panetta (D-Calif.-20) on Thursday unveiled the Hospitality and Commerce Job Restoration Act of 2021, laws that would offer complete aid and restoration measures for the conference, commerce present, leisure, journey and hospitality industries and their employees. It will stimulate the economic system by creating new restoration incentives for hospitality and commerce exhibits, lengthen the worker retention tax credit score to scale back layoffs and hold People employed, create a perishable meals and beverage credit score to assist small companies cowl prices of stock misplaced throughout COVID closures, and supply a tax credit score for center class households to jumpstart journey when secure.
“It’s been practically a yr because the first companies in Nevada shuttered, so one among my prime priorities continues to be guaranteeing that Nevada’s hospitality, journey, and tourism sectors have the assets they should totally recuperate from the devastating financial results of the COVID-19 pandemic,” stated Senator Cortez Masto. “Nevada’s households and companies throughout the state have suffered lengthy sufficient, and this laws provides these industries the assist and incentives they should proceed to securely and responsibly re-open. Extra motion shall be wanted within the coming months to drive demand and convey again jobs within the Silver State, and I’ll proceed to work tirelessly at a federal stage to assist our state in these restoration efforts.”
“Many industries involving tourism and journey have been the primary to be damage by COVID-19 and may very well be the final to totally recuperate,” stated Senator Cramer. “Our invoice gives assist to a few of the hardest hit companies, encourages worker retention, and incentivizes households to journey when it’s secure to take action.”
“Earlier than COVID-19, Nevada’s vibrant hospitality, tourism, and journey industries employed practically 30 p.c of the Southern Nevada workforce. The pandemic has been devastating to those sectors, they usually deserve assist from the federal authorities as they battle to remain in enterprise,” stated Congressman Steven Horsford. “I’m proud to introduce the bipartisan Hospitality and Commerce Job Restoration Act, which is able to revitalize our economic system and assist Nevada’s employees get again on their toes.”
“The COVID-19 pandemic and state-mandated closures proceed to negatively affect communities and industries throughout Illinois’ 18th district, particularly our hospitality, journey, and tourism sectors,” stated Congressman LaHood. “As Illinois and our nation reopen, this bipartisan invoice will give these disproportionally affected companies the assist they should recuperate from the affect of the coronavirus pandemic.”
“As we endure COVID-19 and its penalties on our well being and economic system, our hospitality workforce and small companies want continued assist to outlive,” stated Congressman Panetta. “That’s why I’m reintroducing the Hospitality and Commerce Job Restoration Act with Congressman Horsford to make sure that our native companies are supplied with the required tax credit to assist recuperate from this pandemic. Our invoice will help our hospitality business on the Central Coast with preserving its 22,000 native journey and tourism jobs and defending their future.”
“No state has been hit tougher by the continuing financial impacts of the pandemic than Nevada given our tourism-based economic system,” stated Virginia Valentine, president and CEO of the Nevada Resort Affiliation. “This bipartisan laws gives the essential parts wanted to assist restore Nevada’s struggling tourism and hospitality business that 433,000 jobs and numerous small companies depend upon. We respect the management of our Nevada members Senator Cortez Masto and Consultant Horsford, in addition to Senator Cramer and Representatives LaHood and Panetta, in bringing this invoice ahead.”
The Hospitality and Commerce Job Restoration Act of 2021 is endorsed by U.S. Journey, the American Gaming Affiliation, the American Lodge and Lodging Affiliation, the Nationwide Restaurant Affiliation, and quite a lot of different associations and coalitions centered on hospitality and tourism. Legislative textual content and endorsements and a complete abstract of the invoice will be discovered HERE and HERE.
Final yr, Senator Cortez Masto first launched the Hospitality and Commerce Job Restoration Act of 2020 to deal with the numerous challenges going through the tourism and hospitality industries in Nevada and throughout the nation. The journey economic system shrank by $492.three billion in 2020, and spending declined by 42% over the yr. No business has misplaced extra jobs throughout this pandemic than leisure and hospitality, and out of all jobs misplaced nationwide, 39% have been from leisure and hospitality. The decline in journey spending has induced federal, state, and native tax revenues to say no by over $64.zero billion over the course of 2020, a 36% lower from the earlier yr.
Particularly, the Hospitality and Commerce Job Restoration Act of 2021 would:
Assist the conference and commerce present industries by establishing a tax credit score for the price of attending or internet hosting a conference, enterprise assembly, or commerce present in america between January 1, 2022 and December 31, 2024.
Prolong the Worker Retention Tax Credit score from July 1, 2021 to January 1, 2022.
Restore the Leisure Enterprise Expense Deduction for 3 years by repealing the adjustments made by the 2017 Tax Cuts and Jobs Act.
Assist the restaurant business by establishing a tax credit score for eating places or meals service companies that will cowl any value related to reopening or rising service at an institution compelled to shut down or scale back operations because of the COVID-19 pandemic—together with any renovation, remediation, testing, or labor value wanted to forestall the unfold of COVID-19. The credit score can be efficient between the date of enactment and December 31, 2022.
Present a modest tax credit score for certified journey bills for a lot of People.
Present a short lived credit score for unmerchantable stock prices for small companies that have been misplaced resulting from essential precautions to halt public gatherings.
Supply: Senator Catherine Cortez Masto