A bill to amend the Internal Revenue Code of 1954 to allow a deduction for expenses incurred by a taxpayer insulating his residence for the years 1973, 1974, and 1975 during the period of maximum fuel shortages, and to allow the owner of rental housing to amortize at an accelerated rate the cost of work and materials to insulate such housing.

[AI summary unavailable — showing source text] Allows, under the Internal Revenue Code of 1954, a deduction for expenses incurred by a taxpayer insulating his residence for the years 1973, 1974, and 1975 during the period of maximum fuel shortages. Allows the owner of rental housing to amortize at an accelerated rate the cost of work and materials to insulate such housing. Limits the deduction permitted under this Act to $1,000 in any taxable year. (Adds 26 U.S.C. 217).…