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New Tax Credit for Home Gas and Electricity Costs

This bill introduces a new refundable tax credit for individuals to help offset the costs of gas and electricity for their primary residences. It aims to ease the financial burden of energy expenses for citizens. The credit is refundable, meaning you can receive money back even if you don't owe taxes.
Key points
You could receive up to $350 back for gas and electricity costs at your main home.
The credit applies whether you pay utilities directly or if energy costs are included in your rent.
Income limits apply: $400,000 for joint filers and $200,000 for other individuals.
You cannot claim this credit if someone else claims you as a dependent on their tax return.
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Status:
Introduced
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Additional Information
To amend the Internal Revenue Code of 1986 to establish a refundable tax credit for individuals for amounts paid for gas and electricity for primary residences.
Print number: HR 615
Sponsor: Rep. Gottheimer, Josh [D-NJ-5]
Process start date: 2025-01-22