A bill to amend the Internal Revenue Code of 1954 to provide a refundable credit against income tax for home fuel oil expenses and to provide that the credit shall be funded from receipts from the 10-cent oil import fee imposed by the President.

Amends the Internal Revenue Code to allow homeowners a refundable income tax credit equal to 15 percent of home heating oil costs paid or incurred during the taxable year. Limits the amount of such credit to $300 for a taxable year. Reduces the amount of such credit by $1 for each $10 of the excess of the taxpayer's adjusted gross income over $22,000.

Establishes in the Treasury of the United States the Oil Import Fee Trust Fund for the deposit of revenues from the oil import fee imposed by the President. Directs that amounts in the Trust Fund shall be made available for funding the credit authorized by this Act.