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Rep. Horsford proposes $300 monthly tax credit for car owners amid high gas prices

Gas prices energy fuel oil stock
Election 2020 House Nevada
Posted at 3:12 PM, Mar 30, 2022
and last updated 2022-03-30 19:07:48-04

(KTNV) — Nevada Rep. Steven Horsford (D) introduced a bill that would provide a $300 monthly tax credit to offset historically high gas prices, his office announced on Wednesday.

It's called the Supporting Americans from Vehicle Energy Costs (SAVE) Act.

"In this time of crisis, we cannot continue to allow Big Oil to price-gouge Americans at the pump and put profits over people," said Horsford, who represents Nevada's 4th Congressional District.

He cited a recent report by corporate and Congressional watchdog Accountable.US, which found oil and gas prices made a combined $205 billion in record profits in 2021. Specifically, the largest oil and gas company in the county, Exxon Mobil, reported a 60% increase in profits from 2019 to 2021.

Horsford outlined how the SAVE Act would work:

  • Provide a refundable individual income tax credit of $300 per month for owners of personal motor vehicles.
  • Credits would be allowed to taxpayers residing in the United States during the applicable months.
  • The payments would be capped at individuals earning no more than $200,000 or and joint filers earning no more than $400,000.

"Every day, I hear from Nevadans about the economic hardship rising gas prices are having on their budgets," Horsford stated. "Oil and gas companies are making record profits at the expense of middle-class and low-income Americans. That is why I am fighting to provide tax credits to help provide price relief to my constituents."