A bill to amend the Internal Revenue Code of 1954 to allow individuals a refundable income tax credit for expenditures to remove formaldehyde foam insulation from their homes.

Amends the Internal Revenue Code to allow individuals a refundable income tax credit for 50 percent of expenditures incurred to remove formaldehyde foam insulation from a dwelling unit which is used as the principal residence of the taxpayer. Limits such credit to $5,000 for any taxable year.