Home Energy Assistance Act of 2005 - Amends the Internal Revenue Code to allow a tax credit for residential heating costs paid in 2006. Allows a maximum credit of $500, but reduces or eliminates such credit for taxpayers at higher income levels.
Requires integrated oil companies with gross receipts in excess of $1 billion to use the first-in, first-out (FIFO) inventory accounting method for purposes of determining their current federal income tax liabilities.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.