Formaldehyde Victims Compensation Act of 1982

Formaldehyde Victims Compensation Act of 1982 - Title I: Tax Credits - Amends the Internal Revenue Code to allow individuals a refundable income tax credit for 100 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 $10,000 for any taxable year.

Allows a refundable income tax credit for 100 percent of the formaldehyde-related medical expenses paid or incurred by a taxpayer. Limits the aggregate amount of such credit for all taxable years to $5,000.

Provides that previous expenditures for urea-formaldehyde foam insulation shall not be taken into account in computing the dollar limitation on the residential energy tax credit.

Title II: Responsibilities of Federal Agencies - Requires the Consumer Product Safety Commission (in the case of a dwelling unit in which formaldehyde foam has been installed) and the Department of Housing and Urban Development (in the case of a manufactured home) to provide, upon written request of any owner of a dwelling unit, a dosimeter or other device suitable for measuring the level of formaldehyde gas in such a dwelling unit. Requires followup tests by the designated agency if the results of the owner's test show a level of formaldehyde gas in excess of a specified level. Requires the designated agency to provide an owner with technical assistance to reduce the level of formaldehyde gas if such followup tests show the level of formaldehyde gas still in excess of the specified level.

Requires the Consumer Product Safety Commission to conduct a survey of all public schools in the United States to determine if any such schools have formaldehyde foam insulation. Requires the Commission to submit a report to the Congress on such survey.

Requires the Congressional Budget Office (CBO) to conduct a study to determine the average loss of value to owners of manufactured homes due to the presence of formaldehyde gas in such homes. Requires the CBO to submit a report to the Congress on such study.