New mask guidance and more vaccinations; cell phone tracker finds more shoppers in malls; fuel truck driver shortage could stifle summer fun; some 2020 Census takeaways; the IRS "lookback" break and real estate professionals.
In Today's News
Biden Talks Up Shots as Path to Normalcy Under New Mask Guidance
President Joe Biden urged Americans hesitant to be vaccinated against COVID-19 to reconsider, pointing to U.S. guidance out today that inoculated people can socialize outdoors without masks.
The Millionacres takeaway: Bloomberg's report [subscription required] says the new recommendations are complex, wide-ranging, and "represent one of the most significant relaxations of guidelines since the pandemic began."
Shoppers Return to Malls, With an Urge to Spend
The Wall Street Journal says here [subscription required] that vaccinated shoppers are heading back to the mall, offering hope that the worst of the pandemic downturn is over for this beleaguered industry.
The Millionacres takeaway: The article cites foot traffic as tracked by mobile device at 50 representative malls was up 86% this March compared with March 2020. That surely is good news for those commercial real estate businesses inside the mall, the owners of those malls, and for everyone else hoping for a swift economic recovery from COVID-19.
Coming This Summer: Gas Stations Running Out of Gas
No, it's not a looming shortage of crude oil or gasoline. Rather, it's the tanker truck drivers needed to deliver the gas to stations that are in short supply, this CNN report says.
The Millionacres takeaway: All those recreational and hospitality businesses and jobs counting on the post-pandemic party getting started probably weren't expecting this bit of bad news.
Today on Millionacres
The 2020 Census: A Top-Line Look for Real Estate Investors
This year's census counted 331,449,281 people living in America or serving or working abroad. That's up 7.4% in 10 years, the second-lowest growth rate recorded since the United States began counting in 1790. But there's a lot to digest now that the numbers are rolling out.
The Millionacres takeaway: The census found a population shift to the South and West and identifies which states are growing the fastest (or not). But that's just for starters. Census data also is used to determine where and how much government resources go toward things like tax-incentive housing programs and grants. Infrastructure investments also will be affected, and so much more.
Does the New IRS Lookback Rule Apply to Real Estate Income?
If you received the earned income tax credit in the prior year and your income has been substantially reduced due to the COVID-19 pandemic, know that the IRS has a new rule that may work for you.
The Millionacres takeaway: Real estate professionals are among businesspeople who could benefit from this part of the American Rescue Plan. Read this update from our Lea Uradu and check with your tax advisor.