110 HR 6648 IH: FERA U.S. House of Representatives 2008-07-29 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 2d Session H. R. 6648 IN THE HOUSE OF REPRESENTATIVES July 29, 2008 Mr. Sali (for himself, Mr. David Davis of Tennessee, Mr. Wilson of South Carolina, Mr. Franks of Arizona, Mr. Walberg, Mr. Barrett of South Carolina, Mr. Weldon of Florida, Mr. McCotter, Mr. Doolittle, Ms. Fallin, Mr. Bishop of Utah, Mr. Kingston, Mr. Duncan, Mr. Rogers of Kentucky, Mr. Shimkus, Mrs. Drake, Mr. Westmoreland, Mr. Paul, Mr. Cantor, Mrs. Musgrave, Mr. Cole of Oklahoma, Mr. Scalise, and Mr. Blunt) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to allow each individual a $500 credit to help with high energy prices.

1.

Short title

This Act may be cited as the Family Energy Relief Act of 2008 or the FERA Act of 2008 .

2.

Tax credit to help individuals with high energy prices

(a)

In general

Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to nonrefundable personal credits) is amended by inserting after section 25D the following new section:

25E.

Tax credit to help individuals with high energy prices

(a)

In general

In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the taxable year an amount equal to— (1)$1,000 in the case of a joint return, and (2)$500 in any other case. (b)

Eligible individual

For purposes of this section, the term eligible individual means any individual other than— (1)any estate or trust, (2)any nonresident alien individual, and (3)any individual with respect to whom a deduction under section 151 is allowable to another taxpayer for a taxable year beginning in the calendar year in which the individual’s taxable year begins. (c)

Credit with respect to dependents

The dollar amount applicable to the taxpayer under subsection (a) (without regard to this subsection) shall be increased by $250 for each individual with respect to whom the taxpayer is allowed a deduction under section 151(c) for the taxable year.

. (b)

Conforming amendment

The table of sections for such supart A is amended by inserting after the item relating to section 25D the following new item: Sec. 25E. Tax credit to help individuals with high energy prices.. (c)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2007.