Congressman Steven Horsford Introduces Legislation to Combat High Gas Prices

Press Release

Today, Congressman Steven Horsford (D-NV-04), a member of the Ways and Means Committee, introduced legislation to provide Americans with economic relief from exorbitantly high gas prices. The Supporting Americans from Vehicle Energy Costs (SAVE) Act would provide a $300 monthly tax credit for each registered private vehicle to help offset the costs consumers are paying at the pump.

"Every day I hear from Nevadans about the economic hardship rising gas prices are having on their budgets," said Congressman Horsford. "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. In this time of crisis, we cannot continue to allow Big Oil to price-gouge Americans at the pump and put profits over people."

BACKGROUND:

As gas prices soared in 2021, the largest oil and gas companies made a combined $205 billion in record profits, according to a new report by Accountable.US. Exxon Mobil, the largest oil and gas company in the U.S., reported over $23 billion in profit in 2021 alone, which was a 60 percent increase compared to its 2019 profit of $14 billion. In addition, since President Putin started his devastating war in Ukraine, the price of gas has gone up 75 cents.

Specifically, the Supporting Americans from Vehicle Energy Costs (SAVE) Act will;

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 joint filers earning no more than $400,000.

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