National Helium Conservation Policy Act

National Helium Conservation Policy Act - Title I: Helium Act Amendments - Amends the Helium Act to declare that the purpose of such Act is to develop a national helium conservation policy designed to encourage and facilitate, the conservation and storage of the Nations' helium reserves.

Authorizes the Secretary of the Interior to make all reasonable and necessary arrangements to insure that the helium which could be extracted by existing private and Government facilities is saved and not wasted into the atmosphere or reinjected into natural gas streams.

Directs the Secretary to issue regulations for the licensing of sales and transportation of helium in interstate commerce after extraction from helium-bearing natural gas or helium-gas mixtures, when the President determines that the national interest so requires.

Directs Federal agencies to purchase all major requirements of helium from non-Federal sources, to the extent supplies are readily available at reasonable prices, terms, and conditions.

Directs the Secretary to store and conserve helium produced by Government owned facilities. Authorizes the Secretary to sell such amounts of helium as determined necessary for essential Federal, medical, scientific, military or commercial uses, under certain circumstances. Requires that the Secretary maintain the Government inventory of helium in storage, until determined it is in the national interest to sell stockpiled helium.

Directs the Secretary to report annually to the Congress on the activities conducted pursuant to this Act.

Directs the Secretary of the Department of Energy to report to Congress annually on the effectiveness of the national helium conservation policy.

Authorizes the appropriation of $240,000,000, for the purpose of carrying out the provisions of this Act, to remain available until expended.

Title II: Helium Inventory Deduction - Amends the Internal Revenue Code to permit a taxpayer to deduct certain helium production and storage expenses.