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.
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.
Plain Language Summary
# HR 615 Summary: Energy Cost Tax Credit **What the Bill Would Do** HR 615 would create a tax credit of up to $350 to help individuals pay for gas and electricity at their primary homes. This would be a "refundable" credit, meaning people could potentially get money back even if they owe no taxes. The credit would apply to anyone paying utility bills directly, as well as renters whose landlords include utility costs in their rent. **Who It Affects and Key Details** The credit would benefit most households, but would be limited for higher earners—individuals making over $200,000 per year (or $400,000 for married couples filing jointly) wouldn't qualify.
A new requirement would make landlords report the portion of rent attributable to utilities to both the IRS and their tenants each January, so renters could claim the benefit. **Current Status** The bill was introduced by Representative Josh Gottheimer (D-NJ) and is currently in committee, meaning it has not yet been voted on by the full House. It has not advanced to further legislative action.
CRS Official Summary
This bill establishes a refundable tax credit of up to $350 for qualified energy costs, subject to limitations.Under the bill, qualified energy costs are defined as amounts paid by an individual to (1) a utility for gas or electric service to a principal residence, or (2) a landlord for gas or electric service provided by a utility if such amounts are included in the rent for leased property used as the individual’s primary residence.The bill requires a landlord to report the portion of rent attributable to gas and electric service to the Internal Revenue Service and the tenant by the end of January each year.Under the bill, an individual with a modified adjusted gross income (MAGI) in excess of $200,000 (or $400,000 for a joint filer) may not claim the tax credit for qualified energy costs. Under the bill, MAGI is the taxpayer's adjusted gross income increased by amounts excluded from gross income forforeign housing costs;foreign earned income; andincome sourced to or effectively connected with a trade or business in Puerto Rico, Guam, American Samoa, or the Northern Mariana Islands.Finally, the tax credit for qualified energy costs may not be claimed by an individual who may be claimed as a dependent by someone else or if another tax credit or tax deduction is claimed for the same costs.
Latest Action
Referred to the House Committee on Ways and Means.