FERA Act of 2008

Family Energy Relief Act of 2008 or the FERA Act of 2008 - Amends the Internal Revenue Code to allow an individual taxpayer a $500 tax credit ($1,000 in the case of a joint return). Allows an additional $250 tax credit for each dependent of the taxpayer.

[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 6648 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6648

 To amend the Internal Revenue Code of 1986 to allow each individual a 
              $500 credit to help with high energy prices.


_______________________________________________________________________


                    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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 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:

``SEC. 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.
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