Residential Insulation Credit Act

Residential Insulation Credit Act - Allows a refundable credit against the individual income tax for 30 percent of the taxpayer's expenditures as do not exceed $750 for the installation of qualified insulation in his residence. Limits application of this credit to improvements made after this Act's enactment, in dwellings in existence on January 1, 1977. Defines qualified insulation as any device designed primarily to reduce building heat loss or gain which meets various performance criteria prescribed by the Secretary of Housing and Urban Development, has a useful life of at least three years, and is originally used by the taxpayer. Reduces the $750 limitation on the expenditures which may be taken into account for this credit by subtracting amounts taken into account by the taxpayer in previous tax years. Prorates the allowable credit among joint owners and tenant stockholders according to their proportionate interests in the buildings in which they dwell. Prohibits increasing the basis of any building for expenditures for which this credit is taken.