A bill to amend the Internal Revenue Code of 1954 to provide in the case of an individual with low income, or who has attained age 65, credit in an amount equal to the increase in energy costs experienced by such individual relative to such costs during 1972.

Authorizes, under the Internal Revenue Code of 1954, in the case of an individual with low income, or who has attained age 65, a tax credit in an amount equal to the increase in energy costs experienced by such individual relative to such costs during 1972. Limits such tax credit to $500. (Adds 26 U.S.C. 42)