A bill to amend the Internal Revenue Code of 1954 to allow a credit against tax to public utilities and other taxpayers which provide electrical energy, gas, wood, coal, or home heating oil at reduced costs to households of low-income elderly or disabled individuals.

Amends the Internal Revenue Code to allow public utilities and home heating energy suppliers a refundable income tax credit for the cost of maintaining a program to supply home heating energy to the aged (age 60 or over) and the disabled (disability benefit recipients under the Social Security Act) at prices which are 25 percent lower than those prices charged other individuals. Specifies that such a program may qualify for the tax credit even if its prices exceed ten percent of the income of the eligible aged or disabled individual as long as such prices are less than 25 percent the cost at which energy is supplied to other individuals.

Directs the Secretary of the Treasury to consult with the Secretary of Health, Education, and Welfare, the Administration on Aging, the administrators of various State public assistance programs, and the public utility commissions of the various States to devise a system for identifying eligible recipients and encouraging public utilities and home heating energy suppliers to establish programs for furnishing inexpensive energy for the age and disabled.

Permits a taxpayer to apply for a tentative refund of any credit amount for which he is eligible under this Act at the end of the first quarter of the taxable year in which he qualifies.