Marriott Urges Travel Tax Credit Approval

WASHINGTON, D.C.— Congress was urged to enact a temporary tax credit to stimulate the tourist and business travel industry that has seen revenues plunge since the Sept. 11 attacks using hijacked airliners. Bill Marriott, chairman/chief executive of Marriott International, said the lodging industry was carrying $150 billion in mortgage debt. “Many hotels will not make their debt service payment,” Marriott told the Senate Commerce Committees tourism panel. Marriott said there was bipartisan support for a domestic travel tax credit of $500 for an individual and $1,000 for a couple filing a joint tax return. The bill would also restore full deductibility for business entertainment expenses, including meals, now subject to a 50 percent limit. SOURCE: Reuters