H.R. 7044 — Energy Burden Tax Credit Act

This section establishes a new refundable tax credit (IRC §36C), equal to 75% of qualified energy expenses (i.e., amounts paid or incurred for fuel or electricity to heat or cool a taxpayer's principal residence exceeding 3% of modified adjusted gross income), subject to a cap of $1,500 ($3,000 in the case of a joint return). No credit is allowed if modified adjusted gross income exceeds $75,000 ($150,000 in the case of a joint return), and the credit applies to taxable years beginning after December 31, 2024, and terminating for taxable years beginning after December 31, 2027. The section makes conforming amendments to include the credit in relevant definitions and tables.