THE TRANSATLANTIC MAGAZINE
US Taxpayers, including those resident overseas, could be on the verge of receiving another Stimulus Payment check, as plans emerge for the HEROES Act goes to be discussed in the Senate in July. The HEROES Act, which follows the CARES Act, was passed by he House of Representatives in May, but so far the Senate hasn't scheduled a time to further discuss the proposals.
According to US Tax expert Alistair Bambridge of Bambridge Associates, the main points of the HEROES Act are:
- a second stimulus check of $1,200 for all US citizens worldwide based on the same income limit of $75,000
- $1,200 for each child who is a US citizen, up to a maximum of 3 children per household
- the $4,000 Explore America Tax Credit
- $10,000 of student loan forgiveness
- $175 billion to assist individuals with paying their US mortgages and rents
The 'Explore America Tax Credit' could be an interesting proposal for overseas Americans to know about, as, according to Mr Bambridge, "The Explore America Tax Credit has been proposed by President Trump as a means to boost the tourism and restaurant industries in the US. All Americans could claim up to $4,000 as a tax credit to be used against travel, hotels, theme parks and restaurants in the US."
In theory, this proposal would mean that overseas Americans planning to return to the States to visit friends, family or attend business or domestic needs in the USA would be eligible for such tax credits.
In a Washington Post article about the Act, economist Mark Zandi of Moody’s Analytics is quoted as saying that "A downturn is more than likely without additional fiscal support [more spending, tax cuts and deficits]. With the Heroes Act, the economy is expected to recover all of the jobs it lost this spring by summer 2023. Without any additional fiscal support, that job recovery would take until the end of 2024."
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