No Taxes on Utility Bills Act

H.R. 8350, titled the "No Taxes on Utility Bills Act," was introduced in the House of Representatives on April 16, 2026, by Rep. Riley (D-NY-19) with one cosponsor. The bill has been referred to the House Committee on Ways and Means, indicating it is in the initial phase of the legislative process. Its purpose is to modify Section 164(a) of the Internal Revenue Code of 1986 to permit the deduction of all taxes and state-mandated surcharges found on gas or electric utility bills, with an effective date for taxable years beginning after its enactment. This bill does not involve direct funding or appropriations. Instead, it proposes a change to the tax code, which would effectively reduce the taxable income for individuals and businesses that pay gas and electric utility bills. The mechanism is a tax deduction, meaning it would reduce the amount of income subject to federal taxation for eligible taxpayers. There is no explicit dollar amount authorized or appropriated by this bill, as it concerns tax policy rather than direct spending. Structural winners, should this bill pass, would primarily be consumers and businesses within the Utilities sector, as the effective cost of their utility services could decrease due to the tax deductibility of associated taxes and surcharges. This could lead to increased disposable income for consumers and potentially lower operating costs for businesses. Companies in the Finance sector, particularly those involved in tax preparation services, might see a minor increase in demand for assistance with new deduction categories. However, given the early stage of the bill and the nature of tax deductions, no specific tickers can be identified as direct beneficiaries at this time. The bill's legislative path involves consideration by the House Committee on Ways and Means. As it has only been introduced and referred to committee, it must pass through committee, potentially be voted on by the full House, then proceed to the Senate for similar consideration, and finally be signed by the President to become law. The presence of only one cosponsor and its early stage suggest a long legislative journey ahead.