People could get a federal tax credit for home electric, gas, and propane bills. It would only turn on in years when a broad price index rises by more than about 2%.
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UPLIFT Act is a House bill in committee. The latest recorded action: Referred to the House Committee on Ways and Means.
Latest action on H.R. 6758: Referred to the House Committee on Ways and Means.
Who this affects: This bill mainly affects households that pay electric, natural gas, or propane bills for their main home. It would matter most for low- and middle-income taxpayers because higher-income households would lose part or all of the credit. It could also matter for people who receive federal need-based benefits, because the bill says this refund would not count against those benefits for a limited time.
Why this matters: Home energy bills can strain household budgets when prices rise quickly, and this bill would send help through the tax system in those years. It would focus the help on lower- and middle-income households. It would also let people benefit even if they owe no income tax. The real impact would depend on how often the price trigger is met, how many people claim the credit, and what future utility bills look like.
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