A bill to amend the Internal Revenue Code of 1954 to encourage greater conservation of energy in home heating and cooling by providing an income tax deduction for expenditures made for more effective insulation and heating equipment in residential structures.

Allows an income tax deduction under the Internal Revenue Code for expenditures made by a taxpayer during the taxable year for the purchase and installation, in any residential structure owned by him, of qualified insulative and heating equipment. Defines the terms "qualified insulative equipment" and "qualified heating equipment".