In the meantime, these tips can help a driver reduce the amount of gasoline they use: Nothing about high gas prices is fun. Reps. Mike Thompson, D-Calif., John Larson, D-Conn., and Lauren Underwood, D-Ill., introduced the bill, known as the Gas Rebate Act of 2022. We have no indication whether any Republican lawmakers are willing to sign on to the proposal. Single filers can expect $250, heads of households are due $375, and joint filers can plan on a $500 tax credit. While some bills crawl through approval at a snail's pace, others move at a faster clip. Here are a few questions we're waiting to have answered: Whether the Democratic bill makes its way to President Biden's desk or not, these states have already addressed the issue of high gas prices by approving tax rebates. Introduced in Senate (02/09/2022) Gas Prices Relief Act of 2022. States ahead of the curve And that's where the Gas Rebate Act of 2022 comes in. Georgia residents who filed 2020 and 2021 tax returns are in for a one-time tax credit thanks to Georgia House Bill 1302. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2022, Nasdaq, Inc. All Rights Reserved. It is meant to address high gas prices by sending Americans an energy rebate of $100 per month. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. In fact, this card is so good that our credit card expert even uses it personally. If the bill makes its way through Congress and the Senate, the gas stimulus payment will go to individuals earning $75,000 or less per year and joint filers earning $150,000 or less. For others, record-high gas prices make it difficult to get to work and run everyday errands. The payments, which started going out Oct. 7, range from $200 to $1,050, depending on income and other factors. In the meantime, it makes good financial sense to minimize the amount of gasoline used until prices drop. It's not until a bill passes both the House and Senate that we're privy to the details. While none of the proposed or enacted legislation will entirely cover inflated gasoline prices, they will each provide some assistance. California, Maine, Hawaii, New York, Kentucky, and Minnesota also have relief plans under consideration. According to AAA, the average national gas price is $4.24 per gallon, a record-breaking high. These symbols will be available throughout the site during your session. Like any Congressional proposal, there are gaps in what we know. We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. California is sending money directly to millions of residents to help with rising costs and high gas prices. For some, it's a bump in the road, an irritating expense to endure until prices go back down. Payments phase out entirely at $80,000 and $160,000. The three representatives who designed the bill are Democrats. The Motley Fool->. If they have dependents . For example: To help offset the price of gasoline, Idaho residents will receive a tax rebate of $75 per taxpayer and dependent, or 12% of the taxes reported on their 2020 state taxes (whichever amount is higher). Type a symbol or company name. However, this is not the first time prices have soared and won't be the last. The Gas Rebate Act of 2022 -- introduced in Congress by Reps. Mike Thompson, John Larson, and Lauren Underwood -- would put $100 into Americans' bank accounts every time the national average price for a gallon of gas goes over $4. Create your Watchlist to save your favorite quotes on Nasdaq.com. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off. To date, there is no word on how the new gasoline stimulus program will be funded, whether new funds will have to be located or if money set aside for other projects will be repurposed. The measure will give eligible Americans $100 for every month left in 2022 that gasoline continues to average more than $4 a gallon. State lawmakers in Indiana have approved a plan to send residents who've filed their 2021 taxes a refund of $125. What it is: The Gas Rebate Act was proposed by Congressman Mike Thompson, John Larson, and Lauren Underwood earlier this year as a way to address the high gas prices that Americans are facing at . Representatives Mike Thompson (CA-05), John Larson (CT-01), and Lauren Underwood (IL-14) introduced the Gas Rebate Act of 2022, according to a statement on Thompson's website. There's no word on whether there's a provision that allows it to be extended into 2023. The proposal, according to a press release on Rep . To ease the burden on drivers, a new bill called the Gas Rebate Act of 2022 has been introduced by three representatives. Individuals earning between $75,000 and $80,000 and joint filers earning between $150,000 and $160,000 would also qualify for stimulus funds, although at a reduced amount. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy. Click here to read our full review for free and apply in just 2 minutes. It would also send them $100 for each dependent. The Gas Rebate Act of 2022 has been referred to the Ways and Means Committee for further study. Copy and paste multiple symbols separated by spaces. Our in-house credit card expert loves this top credit card pick, which features a 0% intro APR until 2023 that can help you avoid interest charges on new purchases or pay off debt faster using simple balance transfer strategies. Written by Plus, this pick packs in an insane cash back rate of up to 5% with no annual fee. It's not much, but does acknowledge the difficulty some will have paying for gas. It's easy to imagine that Congress will not want to sit on this bill for long. This bill provides for a temporary exemption through 2022 from the excise tax on gasoline (other than aviation gasoline) and from the Leaking Underground Storage Tank Trust Fund financing rate. About 18 million payments will be distributed over the next few months, benefiting up to 23 million Californians. Thanks to geopolitical issues, the national average per gallon hovers around $4. If those maximum income cutoffs seem familiar, it's because they're the same income limits attached to the first three stimulus payments. There's no word on whether there's a provision that allows it to be extended into 2023. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. The Biden administration has announced two new programs this week through the bipartisan infrastructure law that will provide $20 million worth of rebates that will replace old vehicles with . What is the Gas Rebate Act of 2022? Single filers with an annual income under $75,000 will receive $250. The New Mexico legislature voted to give state residents who earn under $150,000 annually a refundable income tax rebate of $500. In addition, dependents in these families would also be eligible for $100 per month. Do Not Sell My Personal Information (CA Residents Only). The proposed Gas Rebate Act of 2022 is slated to run through the remainder of 2022. Today's partisan landscape makes it difficult for a lawmaker to cross party lines -- even if it's in the best interests of their constituents back home. The proposed Gas Rebate Act of 2022 is slated to run through the remainder of 2022. Dana George for As with previous payments, income will be determined by the last tax return filed. If passed, the bill would provide relief to Americans affected by the high gas prices. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Type a symbol or company name. 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