Establishes an electricity cost fairness credit of up to $600 against income taxes for residents and part-year residents.
This bill creates the electricity cost fairness credit, providing a credit of up to $600 against income taxes for residents and part-year residents. The credit is based on federal adjusted gross income and is phased out based on income. It is refundable and indexed to inflation. The credit is not available to married taxpayers filing separate returns, individuals who do not qualify as resident individuals, or those who may be claimed as a dependent on another taxpayer's return.
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