Bill > HR7044

This bill, titled the "Energy Burden Tax Credit Act," proposes to amend the Internal Revenue Code of 1986 to establish a new tax credit for individuals. Specifically, it would allow a credit equal to 75 percent of an individual's "qualified energy expenses," which are defined as the costs for fuel or electricity to heat or cool their main home that exceed 3 percent of their modified adjusted gross income, excluding any reimbursements or subsidies from government programs. Modified adjusted gross income is essentially the taxpayer's adjusted gross income with certain foreign income exclusions disregarded. The credit is subject to limitations, with a maximum of $1,500 for individuals ($3,000 for joint filers) and an income ceiling of $75,000 for individuals ($150,000 for joint filers) for eligibility. This new energy burden credit would be effective for taxable years beginning after December 31, 2024, and would terminate for taxable years beginning after December 31, 2027.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/7044/all-info