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

Summary

Amends the Internal Revenue Code to allow individual taxpayers an income tax credit for a specified portion of the cost of home heating oil purchased by such taxpayer for use in his principal residence. Limits the amount of such credit to $250 for a taxable year. Reduces the amount of such credit by five percent of the amount by which the adjusted gross income of the taxpayer exceeds $20,000, and by the amount of any State or Federal grant money received by the taxpayer for the purchase of home heating oil. Qualifies tenants for a certain amount of such credit based upon amount of rent paid.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 2 August 1979

  Open at official source

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