HR615-119

1. Electricity and gas credit Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 36B the following new section: In the case of an individual, there shall be allowed as a credit against the tax imposed by this subtitle an amount equal to so much of the qualified energy costs of such individual as do not exceed $350 for the taxable year. For purposes of this section, the term qualified energy costs means amounts paid or incurred by the individual— to a utility for gas and electric service at the principal residence of such individual, or to a person from whom such individual leases such individual’s primary residence for gas and electric service from a utility if such costs are included in the rent of such individual. For purposes of this subsection, the term utility has the meaning given such term in section 48(a)(8)(D). For purposes of this section, the term principal residence has the same meaning as when used in section 121. In the case of any individual whose modified adjusted gross income for the taxable year exceeds the following amounts, the amount of the credit determined under subsection (a) shall be zero. In the case of a joint return, $400,000. In the case of any other individual, $200,000. For purposes of paragraph (1), the term modified adjusted gross income means the adjusted gross income of the taxpayer for the taxable year increased by any amount excluded from gross income under section 911, 931, or 933. No credit shall be allowed under subsection (a) for any expense for which a deduction or credit is allowed under any other provision of this chapter. No credit shall be allowed under this section to any individual with respect to whom a deduction under section 151 is allowable to another taxpayer for a taxable year beginning in the calendar year in which such individual's taxable year begins. In the case of any person who leases the principal residence of another individual to such individual and includes the cost of electricity or gas in rent paid under such lease, such person shall provide to the Secretary and to the individual, not later than January 31st of each calendar year, a receipt for the portion of the rent for the preceding calendar year properly attributable to such individual’s electric and gas service for such preceding calendar year. Section 6211(b)(4)(A) of the Internal Revenue Code of 1986 is amended by inserting , 36D after 36B. Section 1324(b)(2) of title 31, United States Code, is amended by inserting , 36D after , 36B. The table of sections for subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 36B the following new item: The amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act. 36D.Electricity and gas credit (a)Allowance of creditIn the case of an individual, there shall be allowed as a credit against the tax imposed by this subtitle an amount equal to so much of the qualified energy costs of such individual as do not exceed $350 for the taxable year. (b)Qualified energy costs (1)In generalFor purposes of this section, the term qualified energy costs means amounts paid or incurred by the individual— (A)to a utility for gas and electric service at the principal residence of such individual, or (B)to a person from whom such individual leases such individual’s primary residence for gas and electric service from a utility if such costs are included in the rent of such individual. (2)UtilityFor purposes of this subsection, the term utility has the meaning given such term in section 48(a)(8)(D). (c)Principal residenceFor purposes of this section, the term principal residence has the same meaning as when used in section 121. (d)Income limitation (1)In generalIn the case of any individual whose modified adjusted gross income for the taxable year exceeds the following amounts, the amount of the credit determined under subsection (a) shall be zero. (A)In the case of a joint return, $400,000. (B)In the case of any other individual, $200,000. (2)Modified adjusted gross incomeFor purposes of paragraph (1), the term modified adjusted gross income means the adjusted gross income of the taxpayer for the taxable year increased by any amount excluded from gross income under section 911, 931, or 933. (e)Denial of double benefitNo credit shall be allowed under subsection (a) for any expense for which a deduction or credit is allowed under any other provision of this chapter. (f)Denial of credit to dependentsNo credit shall be allowed under this section to any individual with respect to whom a deduction under section 151 is allowable to another taxpayer for a taxable year beginning in the calendar year in which such individual's taxable year begins. (g)ReportingIn the case of any person who leases the principal residence of another individual to such individual and includes the cost of electricity or gas in rent paid under such lease, such person shall provide to the Secretary and to the individual, not later than January 31st of each calendar year, a receipt for the portion of the rent for the preceding calendar year properly attributable to such individual’s electric and gas service for such preceding calendar year.. Sec. 36D. Electricity and gas credit. .