(KTNV) — Nevada Rep. Steven Horsford (D) introduced a bill providing a $300 monthly tax credit to offset historically high gasoline prices, his office said Wednesday.
This is called the SAVE Act (Supporting Americans from Vehicle Energy Costs).
The SAVE Act (Supporting Americans from Vehicle Energy Costs):
⛽️ Offer a refundable monthly tax credit of $300 to car owners
— Rep. Steven Horsford (@RepHorsford) March 30, 2022
“In this time of crisis, we cannot continue to allow big oil companies to drive up prices for Americans at the pumps and put profits before people,” said Horsford, who represents the 4th congressional district. of Nevada.
He cited a recent report by business and congressional watchdog Accountable.US, which found that oil and gas prices made a combined record profit of $205 billion in 2021. Specifically, the The county’s largest oil and gas company, Exxon Mobil, reported a 60% profit increase from 2019 to 2021.
Horsford explained how the SAVE Act would work:
- Provide a refundable tax credit of $300 per month to owners of personal motor vehicles.
- Credits would be granted to taxpayers residing in the United States during the applicable months.
- Payments would be capped to individuals earning no more than $200,000 or joint filers earning no more than $400,000.
“Every day I hear from Nevadans talking about the economic hardship that rising gas prices are having on their budgets,” Horsford said. “Oil and gas companies are making record profits at the expense of middle-class and low-income Americans. That’s why I’m fighting for tax credits to help ease prices for my constituents.”