A bill to amend the Internal Revenue Code of 1954 to allow for a temporary period a tax credit equal to one-half of the increase in residential electricity expenses occurring after January 1, 1973.
Fuel Adjustment Relief Act - States that there shall be allowed as a tax credit against income tax an amount equal to 50 percent of the increased residential electricity expenses paid or incurred by the taxpayer during the taxable year.
Prescribes a method for computing for the taxable year the increased residential electricity expenses.
States that the credit authorized by this Act shall apply to calendar years 1974 through 1978.
Referred to House Committee on Ways and Means.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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