Bill > HR6758

This bill, titled the "Utility Price Lift In Flux and Transition Act" or "UPLIFT Act," proposes to establish a new refundable tax credit for individuals who incur residential energy expenditures for electricity, natural gas, or propane used in their principal residence in the United States. This credit is designed to help taxpayers cope with rising energy costs, specifically when the average price deflator for personal consumption expenditures (PCE), a measure of inflation for consumer spending published by the Bureau of Economic Analysis, increases by more than 2% compared to the previous year. The credit is capped at $1,200 for individuals and $2,400 for joint filers or heads of households, and it will be phased out for those with modified adjusted gross income above $75,000 for individuals and $150,000 for joint filers or heads of households. Importantly, reimbursements from energy assistance programs will not disqualify expenditures from the credit, and any refunds received from this credit will not be counted as income for means-tested federal programs, ensuring it doesn't negatively impact eligibility for other benefits. These changes are set to take effect for taxable years beginning after December 31, 2025.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/6758/all-info