Energy Burden Tax Credit Act establishes a tax credit for energy expenses exceeding 3% of income.
The Energy Burden Tax Credit Act amends the Internal Revenue Code to create a tax credit for energy expenses. The credit equals 75% of the amount paid for fuel or electricity to heat or cool a taxpayer's principal residence, up to a maximum of $1,500 ($3,000 for joint filers). The credit is limited to taxpayers with a modified adjusted gross income below $75,000 ($150,000 for joint filers) and expires after 2027.
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