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According to AAA, the average national gas price is $4.24 per gallon, a record-breaking high. To ease the burden on drivers, a new bill called the Gas Rebate Act of 2022 has been introduced by three representatives. If passed, the bill would provide relief to Americans affected by the high gas prices.

Here’s what you need to know about the proposed bill.

How it would work

If it passes, those who qualify will receive monthly payments of $100, including another $100 for each dependent. The monthly payments would last through the end of 2022, or each month the recipient’s local gas average is over $4 a gallon.

Requirements

Like the stimulus checks distributed early in the Pandemic, compensation depends on reported annual income. Individuals making $75,000 per year or less – or joint filers making $150,000 per year or less– qualify for the total amount. The stimulus amount would phase out fully for those individuals with an annual income over $80,000. For joint filers, the maximum annual income threshold would be $160,000.

What’s Next

Among many other proposed gas relief plans, the Gas Rebate Act has the most traction right now. However, there are still many steps to clear before the bill passes. We will closely monitor the bill’s progress to bring you updates.

Have Questions?

Have questions about how the bill may affect you? One of our tax experts is ready to help, contact us.