A bill to amend the Internal Revenue Code of 1954 to provide a refundable income tax credit for certain elderly taxpayers for increased costs of residential energy.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow individuals who have attained age 62 a refundable income tax credit for increases in the cost of residential energy over the previous year. Reduces the amount of such credit by 50 percent of the amount by which the taxpayer's adjusted gross income exceeds $25,000. Defines "residential energy" as any fuel (including electricity) used by the taxpayer for residential purposes. Terminates such credit after 1985.…