Home Energy Assistance Tax Credit Act of 2006

Home Energy Assistance Tax Credit Act of 2006 - Allows individual taxpayers a refundable tax credit for 25% of of their home energy costs (i.e., electricity, natural gas, propane, and heating oil) incurred between October 1, 2005, and March 31, 2006. Limits the amount of such credit to $200 ($400 for joint returns) and reduces the credit for taxpayers whose adjusted gross income exceeds $30,000 ($60,000 for joint returns).

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4729 Introduced in House (IH)]







109th CONGRESS
  2d Session
                                H. R. 4729

   To provide a refundable tax credit for certain home energy costs.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 8, 2006

Mr. LaTourette (for himself, Mr. Meehan, Mr. Brown of Ohio, Mr. Ryan of 
  Ohio, Mr. McCotter, Mr. Tiberi, Mr. Ney, Mr. Simmons, Mr. Rush, Mr. 
 Doyle, Mr. Evans, Mr. McHugh, Mrs. Miller of Michigan, Mrs. Jones of 
 Ohio, Mr. Reynolds, and Mr. Kucinich) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To provide a refundable tax credit for certain home energy costs.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Home Energy Assistance Tax Credit 
Act of 2006''.

SEC. 2. REFUNDABLE TAX CREDIT FOR HOME ENERGY COSTS.

    (a) In General.--In the case of an individual, there shall be 
allowed as a credit against the tax imposed by chapter 1 of the 
Internal Revenue Code of 1986 for the first taxable year of such 
individual ending after March 31, 2005, an amount equal to 25 percent 
of the qualified 2006 winter home energy costs of the taxpayer.
    (b) Limitations.--
            (1) Dollar limitation.--The credit allowed under subsection 
        (a) for any taxable year shall not exceed $200 ($400 in the 
        case of a joint return).
            (2) Limitation based on modified adjusted gross income.--
                    (A) In general.--The amount allowable as a credit 
                under subsection (a) for any taxable year shall be 
                reduced (but not below zero) by an amount which bears 
                the same ratio to the amount so allowable (determined 
                without regard to this paragraph but with regard to 
                paragraph (1)) as--
                            (i) the amount (if any) by which the 
                        taxpayer's adjusted gross income exceeds 
                        $30,000 ($60,000 in the case of a joint 
                        return), bears to--
                            (ii) $10,000 ($20,000 in the case of a 
                        joint return).
                    (B) Determination of adjusted gross income.--For 
                purposes of subparagraph (A), adjusted gross income 
                shall be determined without regard to sections 911, 
                931, and 933 of the Internal Revenue Code of 1986.
    (c) Qualified Home Energy Costs.--For purposes of this section, the 
term ``qualified 2006 winter home energy costs'' means, with respect to 
any taxable year, the aggregate amount paid or incurred by the taxpayer 
during the period beginning on October 1, 2005, and ending on March 31, 
2006, for electricity, natural gas, propane, and heating oil, which is 
used in connection with the taxpayer's principal place of abode.
    (d) Credit Treated as a Refundable Credit.--For purposes of the 
Internal Revenue Code of 1986, the credit allowed under subsection (a) 
shall be treated as allowed under subpart C of part IV of subchapter A 
of chapter 1 of such Code.
    (e) Denial of Double Benefit.--For purposes of this section--
            (1) In general.--No credit shall be allowed under 
        subsection (a) for any expense for which a deduction or credit 
        is allowed under any other provision of chapter 1 of the 
        Internal Revenue Code of 1986.
            (2) Grants.--The credit allowed under this section 
        (determined without regard to this paragraph) shall be reduced 
        (but not below zero) by the aggregate amount received by the 
        taxpayer under any Federal, State, or local government program 
        for the expenses described in subsection (c).
    (f) Conforming Amendment.--Section 1324(b)(2) of title 31, United 
States Code, is amended by inserting ``, or enacted under the Home 
Energy Assistance Tax Credit Act of 2006'' after ``Taxpayer Relief Act 
of 1997''.
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