A bill to amend the Internal Revenue Code of 1954 to provide tax relief to residential users of refined petroleum products.

Amends the Internal Revenue Code to allow individuals a refundable income tax credit equal to one-third of the total cost during the taxable year of heating oil purchased by such individuals for use in a residence. Limits the dollar amount of such credit to $400 for the taxable year. Reduces the amount of such credit by 1.5 percent of the amount by which the taxpayer's adjusted gross income exceeds $30,000. Provides for the termination of the credit for taxable years ending after December 31, 1983. Provides for the cost of funding such credit through the Windfall Profit Tax Account.