H.R. 6222, The Working Families Gas Tax Credit Act of 2008

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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H.R. 6222 would amend the Internal Revenue Code of 1986 to allow a nonrefundable credit against income tax liability for gasoline and diesel fuel used in highway vehicles for nonbusiness purposes.

Detailed Summary

Working Families Gas Tax Credit Act of 2008 - Amends the Internal Revenue Code to allow a tax credit for up to $500 ($1,000 in the case of a joint return) of the cost of gasoline and diesel used in highway vehicles for a nonbusiness purpose when the increase in the price of a gallon of gasoline exceeds the annual inflation rate by not less than 300%. Phases out the amount of such credit for taxpayers with adjusted gross incomes exceeding $75,000 ($150,000 in the case of a joint return).

Status of the Legislation

Latest Major Action: 6/10/2008: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

Points in Favor

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Points Against

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