The bill, which is awaiting enactment by President Obama, calls for the creation of a non-profit corporation to establish the US's first national promotional programme to attract visitors.
The program is expected to generate $4bn in economic growth and 40,000 new jobs nationwide.
New York City's tourism, marketing and partnership organisation NYC & Company chief executive George Fertitta said: "The Travel Promotion Act will have sweeping and positive affects on the whole of the travel and tourism industry," said. "This, of course, includes the C&I market, which we expect to grow even stronger as TPA funding begins to allow destinations to better promote themselves and reach a wider audience."
He added: "For too long the US has lacked a unified voice for promoting itself around the world to potential visitors, however, the TPA marks a new direction and recognises the importance the travel and tourism industry plays to our economy."
NYC & Company projected a 3.2% increase in visitor numbers for 2010 in January, and announced New York City remained on track to attract 50 million visitors annually by 2012
The TPA will be funded by a $10 (£6.70) fee paid by overseas visitors along with matching funds from the private sector.