A bill to amend the Internal Revenue Code of 1954 to provide relief to residential users of refined petroleum products.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow individual taxpayers an income tax credit for a specified portion of the cost of home heating oil purchased by such taxpayer for use in his principal residence. Limits the amount of such credit to $250 for a taxable year. Reduces the amount of such credit by five percent of the amount by which the adjusted gross income of the taxpayer exceeds $20,000, and by the amount of any State or Federal grant money received by the taxpayer for the purchase of home heating oil. Qualifies tenants for a certain amount of such credit based upon amount of rent paid.…