Generally speaking, I feel like incentives work better than force. Whether that amounts to just a national holiday on a non-religious-day (So not Friday, Saturday, or Sunday) or more, a tax-break for proving you voted in your tax-returns or something? People who want to vote generally but don't either can't get the day off, can't afford to take the day off, or try to vote but can't because either they don't have enough voting locations in their area, or voting ID laws* and the like discriminate against them. Making it a holiday solves the first and second one, doesn't really solve voter discrimination or under-saturation of locations. Those would only come from more funding for voting locations and a more active voting population not allowing legislature to put said discriminatory laws in place.
*Voter ID solves a non-existent problem of voter fraud but adds in whole slew of problems that disproportionately target poor people who can't afford ID or can't afford to go the one DMV three cities over that's open on a wednesday night every 4th week in a month to get said ID. I'm not a huge fan of voter ID laws.
You could also make the case that incentivizing with a tax-break is a way of making voting mandatory: A tax-break and a fine aren't all that dissimilar, either way you're "losing" money that you would otherwise get if you voted. Unless mandatory voting would result in jail-time for not voting, but holy shit is that a horrible idea, not least of which because American prisons are already oversaturated with petty, non-violent crime. "What are you in for?" "I didn't vote." "You monster." Esp. if it results in a criminal record, cuz then you're barred from voting anyway. (itself a really fuckin' awful idea. "Hey, I have an idea, let's distance these social malcontents from our political system even MORE! That'll help rehabilitation rates!")