A bill to amend the Internal Revenue Code of 1954 to provide relief to residential and certain institutional users of refined petroleum products in the event of a Presidential adjustment of imports of petroleum.

Amends the Internal Revenue Code to allow a tax credit for increases in the cost of refined petroleum products due to the imposition of duties or fees on such products by the President pursuant to the Trade Expansion Act of 1962. Limits eligibility for such credit to residential users, hospitals, churches, and educational institutions.

Limits the amount of allowable credit to $75 for an individual taxpayer. Reduces the amount of allowable credit by 75 percent of the amount by which the adjusted gross income of such individual exceeds $20,000.

Authorizes the Secretary of the Treasury to refund in advance one-fourth of the taxpayer's tentative credit under this Act for the taxable year.