H.R. 7044 creates a new federal tax credit to help individuals offset the cost of heating and cooling their homes. The credit covers 75 percent of energy expenses (fuel and electricity) that exceed 3 percent of a household's income, with a maximum credit of $1,500 per person or $3,000 for joint filers. The credit is limited to households earning less than $75,000 annually ($150,000 for joint filers) and applies only to principal residences. The bill takes effect for tax years beginning after December 31, 2024, but automatically expires after December 31, 2027, meaning it would only provide relief for three years unless Congress extends it.
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