A bill to amend the Internal Revenue Code of 1954 to provide tax relief for that portion of the cost of electricity used for residential purposes which is attributable to costs incurred by the utility for residual fuel oil.

Amends the Internal Revenue Code to allow homeowners a refundable income tax credit for one-third of their electricity costs which are attributable to the cost of residual fuel oil. Limits the amount of such credit to $400, and reduces such credit by one percent of the amount by which the taxpayer's adjusted gross income exceeds $20,000.

Terminates such credit after 1983.