Source: United States House of Representatives – Congressman Chris Pappas (D-NH)
In case you missed it, the Union Leader reported on new bipartisan legislation introduced by Congressman Chris Pappas (NH-01) to provide a refundable tax credit to families struggling with high energy costs, saving households hundreds of dollars a year on energy. Specifically, the legislation would provide individuals and households who spend more than 3% of their income on energy with a refundable tax credit equal to 75% of the excess amount they spend on energy.
Read the full story from the Union leader here.
Key Excerpts:
- Chris Pappas is proposing a temporary 75% federal income tax credit for moderate-income families that pay more than 3% of their annual income on energy costs.
- “No family should ever wonder if they can afford to keep their home warm during the winter months,” Pappas said. “That’s why I’m introducing several bipartisan bills today that create a new energy tax credit to put money back in people’s pockets, help military families weatherize their homes and improve energy transmission so that we can bring down energy costs at the source.”
- A family making $50,000 a year that pays the average cost of energy in New Hampshire ($223 per month) would get a refundable tax credit of $882, which would cut their costs by a third, Pappas said.
- Pappas is introducing two other related bills, one the Transmission Facilitation Program Reauthorization Act to bring back a Department of Energy program that gave states and communities federal aid for projects that develop new power lines or upgrade existing ones.
- The Heroes Home Energy Savings Act that Pappas is offering would increase spending for the federal weatherization assistance program and give active-duty and reserve military families grants to help reduce their energy bills.
- New Hampshire has among the highest average energy bills in the nation.