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.

Amends the Internal Revenue Code to allow an individual income tax deduction for expenditures for the purchase and installation of qualified insulative materials or heating equipment in the taxpayer's home or any residential structure he owns. Provides that qualified improvements must meet heat loss reduction or heating efficiency criteria to be established by the Secretary of the Treasury in accordance with standards developed and prescribed by the National Bureau of Standards.