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United States · Bill · S

S. 722 (96th)

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

21 March 1979

Last action

—

Status

Referred to Senate Committee on Finance.

Sponsors

—

Subjects

Discovery layer

Source updated

3 January 2025

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Summary

Amends the Internal Revenue Code to allow individuals an income tax credit equal to 25 percent of the total cost of heating oil purchased by such individuals for use in a residence for residential purposes. Limits the dollar amount of such credit to $200 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 $15,000. 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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Sources

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