Bill > HR615

This bill amends the Internal Revenue Code to create a new tax credit for individuals to help offset electricity and gas expenses for their primary residences. The credit would allow taxpayers to claim up to $350 for qualified energy costs paid to a utility or included in rent for their primary home. To be eligible, individuals must have a modified adjusted gross income below $200,000 for single filers or $400,000 for joint filers. The credit is refundable, meaning taxpayers can receive the full amount even if it exceeds their tax liability. Landlords who include utility costs in rent must provide tenants with a detailed receipt showing the utility expenses by January 31st each year. The bill specifically prohibits claiming the credit for expenses already covered by other tax deductions or credits, and prevents the credit from being claimed for dependents. The new tax credit would apply to energy costs paid after the date of the bill's enactment, providing immediate relief to homeowners and renters struggling with utility expenses.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/615/all-info