No Taxes on Utility Bills Act

HR 8350, the "No Taxes on Utility Bills Act," amends the Internal Revenue Code to create a new federal income tax deduction. This bill allows taxpayers to deduct from their taxable income all taxes and state-mandated surcharges that appear on their gas or electric utility bills. This change directly affects individuals and businesses who pay these utility bills, potentially lowering their federal tax liability. The new deduction would apply to taxable years beginning after the bill becomes law.