A bill to amend the Internal Revenue Code of 1954 to allow a tax credit for part of the increase in residential heating and electricity expenses attributable to price increases.

[AI summary unavailable — showing source text] Allows an income tax credit under the Internal Revenue Code for increased fuel and electricity expenses for a multi-family residential structure. Defines such increase as the excess of the amount paid or incurred for residential fuel and electricity over 115 percent of the amount paid for such items in 1972, adjusted for cost-of-living increases. Reduces such credit where the rent increase for rental property exceeds the cost-of-living increase. States that when a taxpayer is entitled to a credit under this Act which exceeds the amount of tax he is obligated to pay for the taxable year, and when he is granted, by his State or local government, an abatement in his property tax to compensate for all or part of such excess, the Secretary shall provide full reimbursement to such State or local government for whatever abatement has been granted. Excludes "luxury buildings" (defined in the Act) from such credit eligibility. Reduces the amount of any trade or business expenses deduction for residential fuel and electricity by the amount of such credit.…