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United States · Bill · HR

H.R. 1850 (97th)

A bill to amend the Internal Revenue Code of 1954 to provide tax relief to residential users of refined petroleum products.

referredUnited States· United States Congress· EN

Introduced

17 February 1981

Last action

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Status

Referred to House Committee on Ways and Means.

Sponsors

—

Subjects

Discovery layer

Source updated

7 February 2024

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Summary

Amends the Internal Revenue Code to allow individuals a refundable income tax credit equal to one-third of the total cost during the taxable year of heating oil purchased by such individuals for use in a residence. Limits the dollar amount of such credit to $400 for the taxable year. Reduces the amount of such credit by one percent of the amount by which the taxpayer's adjusted gross income exceeds $20,000. Provides for the termination of the credit for taxable years ending after December 31, 1983.

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Documents

1 official file

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