Bill > S1362

This bill allows for a tax deduction of up to $800 for home heating costs, specifically for fuel oil, natural gas, propane, electricity, and wood, for the taxable year 2013. This deduction is available to single individuals with an adjusted gross income of $40,000 or less, and to married couples filing jointly or heads of household with an adjusted gross income of $60,000 or less. The deductible expenses must have been purchased between November 1, 2012, and March 31, 2013, and between November 1, 2013, and March 31, 2014. Taxpayers can claim the deduction for purchases made in 2012 and 2013 for the 2013 tax year, and any unused portion of the $800 deduction can be carried over to the 2014 tax year for purchases made through March 31, 2014. The Commissioner of Revenue is tasked with creating rules and regulations to implement this section, including provisions for taxpayers who own condominiums or cooperatives, or who rent residential dwellings, to ensure fair eligibility for the deduction.