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.

Summary

Creates a new individual tax credit — the Electricity and Gas Credit — that lets taxpayers claim up to $350 per year for qualifying electric and natural gas costs for their primary home. The credit is nonrefundable, is disallowed if the taxpayer’s modified adjusted gross income exceeds $400,000 for joint filers or $200,000 for other filers, and cannot be claimed for costs that already receive another tax deduction or credit. Renters whose landlords pay utilities can claim the credit if the landlord provides a receipt showing the portion of rent attributable to electricity and gas; landlords must send that receipt to the tenant and the IRS by January 31 for the prior calendar year. The credit applies to amounts paid or incurred after the bill becomes law and includes conforming tax-code updates for administration and collection.

• Creates a nonrefundable tax credit up to $350 for household electricity and gas costs for a taxpayer's principal residence.
• Credit applies to costs paid directly to a utility or included in rent when the landlord pays utilities.
• Credit is denied in full for taxpayers with MAGI above $400,000 (joint) or $200,000 (other filers).
• Cannot claim the credit for expenses that already qualify for another federal tax deduction or credit.
• Dependents for whom another taxpayer claims an exemption cannot claim the credit.
• Landlords who include utilities in rent must provide tenants and the IRS a receipt by January 31 showing the utility portion of prior-year rent.
• The credit is nonrefundable — it reduces tax liability but won’t produce a refund beyond tax owed.
• Applies to amounts paid or incurred after enactment and includes conforming tax-code amendments.