A bill to amend the Internal Revenue Code of 1954 to allow a tax credit for part of the increase in residential heating and electricity expenses attributable to price increases.
Latest action. Referred to House Committee on Ways and Means.
Allows an income tax credit under the Internal Revenue Code for increased fuel and electricity expenses for a multi-family residential structure. Defines such increase as the excess of the amount paid or incurred for residential fuel and electricity over 115 percent of the amount paid for such items in 1972, adjusted for cost-of-living increases. Reduces such credit where the rent increase for rental property exceeds the cost-of-living increase. States that when a taxpayer is entitled to a credit under this Act which exceeds the amount of tax he is obligated to pay for the taxable year, and when he is granted, by his State or local government, an abatement in his property tax to compensate for all or part of such excess, the Secretary shall provide full reimbursement to such State or local government for whatever abatement has been granted. Excludes "luxury buildings" (defined in the Act) from such credit eligibility. Reduces the amount of any trade or business expenses deduction for residential fuel and electricity by the amount of such credit.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on May 20, 1974. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on May 20, 1974: Referred to House Committee on Ways and Means.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 93rd Congress (1973-74), 651 of the 23,396 bills and joint resolutions introduced became law, about 2.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
HUGH CAREY (D-NY) introduced it on May 20, 1974. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on May 20, 1974, 19106 days ago. The most recent recorded action was 19106 days ago, on May 20, 1974.
Measures do not carry over. Anything the 93rd Congress has not finished by January 3, 1975 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers