The bill would create a refundable federal tax credit of up to $350 per year for gas and electricity costs at a person’s primary residence. Eligible costs include utility bills paid directly and, for renters, utility costs included in rent. The credit would be unavailable to people whose modified adjusted gross income is over $400,000 on a joint return or over $200,000 for other filers. A person could not claim the credit for costs covered by another tax deduction or credit, and someone claimed as another taxpayer’s dependent could not claim it. Landlords who include gas or electricity in rent would have to give tenants and the Treasury a yearly receipt showing the portion of rent for those costs. The credit would apply to costs paid or incurred after the bill’s enactment. The bill was referred to the House Ways and Means Committee.
If enacted, eligible taxpayers could claim up to $350 for qualifying gas and electricity costs for their primary residence, subject to the income and other limits. Renters whose utility costs are included in rent would need information from their landlord about those costs.
The bill sets a maximum credit of $350 per eligible individual per taxable year. No publicly available information on the total federal cost.
No publicly available information.
No publicly available information.