Temporary Tax Credit Established for High Home Energy Costs Relief.
This act creates a temporary tax credit designed to help low and middle-income individuals manage high costs for heating and cooling their primary residence. Taxpayers can claim 75% of qualified energy expenses that exceed 3% of their income, up to a maximum annual limit. The credit is available starting in the 2025 tax year but expires at the end of 2027.
Key points
Allows taxpayers to claim 75% of fuel or electricity costs used for heating or cooling their main home, specifically the portion of costs exceeding 3% of their income.
The maximum credit is capped at $1,500 ($3,000 for joint filers) per year.
Eligibility is limited to individuals earning less than $75,000 ($150,000 for joint filers), and the credit is only available through the 2027 tax year.
Status:
Introduced
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