Residential Energy Conservation Tax Credit Act of 1984

Residential Energy Conservation Tax Credit Act of 1984 - Amends the Internal Revenue Code to extend the income tax credit for residential energy conservation expenditures for five years (from 1985 to 1990).

Revises the method of calculating the amount of such credit. Reduces the maximum amount of the expenditures which may be taken into account from $2,000 to $1,000. Increases the percentage of the expenditures which may be taken into account from 15 to 40 percent.

Phases out such credit for taxpayers with an adjusted gross income in excess of $30,000.