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Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Home Energy Assistance Act of
2005''.

SEC. 2. TAX CREDIT AGAINST RESIDENTIAL HEATING COSTS.

(a) In General.--Subpart A of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to nonrefundable
personal credits) is amended by inserting after section 25D the
following new section:

''SEC. 25E. CREDIT AGAINST RESIDENTIAL HEATING COSTS.

''(a) General Rule.--In the case of an individual, there shall be
allowed as a credit against the tax imposed by this chapter for the
taxable year an amount equal to the amount paid or incurred during such
taxable year for residential heating costs.
''(b) Limitations.--
''(1) Dollar limitation.--The amount of the credit allowed
to under subsection (a) to any taxpayer shall not exceed $500
for any taxable year.
''(2) Limitation based on adjusted gross income.--
''(A) In general.--The amount of the credit which
would (but for this paragraph) be taken into account
under subsection (a) for the taxable year shall be
reduced (but not below zero) by the amount determined
under subparagraph (B).
''(B) Amount of reduction.--The amount determined
under this subparagraph is the amount which bears the
same ratio to the amount which would be so taken into
account as--
''(i) the excess of--
''(I) the taxpayers adjusted gross
income for such taxable year, over
''(II) the threshold amount, bears
to
''(ii) the phaseout amount.
''(C) Threshold amount.--For purposes of this
paragraph, the term 'threshold amount' means--
''(i) $80,000 in the case of a joint
return,
''(ii) $65,000 in the case of a head of a
household, and
''(iii) $40,000 in any other case.
''(D) Phaseout amount.--For purposes of this
paragraph, the term 'phaseout amount' means--
''(i) $20,000 in the case of a joint return
or a head of a household, and
''(ii) $10,000 in any other case.
''(3) Maximum credit per household.--
''(A) In general.--In the case of any household,
the credit under subsection (a) shall be allowed only
to the individual residing in such household who
furnishes the largest portion (whether or not more than
one-half) of the cost of maintaining such household.
''(B) Determination of amount.--In the case of an
individual described in subparagraph (A), such
individual shall, for purposes of determining the
amount of the credit allowed under subsection (a), be
treated as having paid or incurred during such taxable
year for increased residential heating costs an amount
equal to the sum of the amounts paid or incurred for
such heating costs by all individuals residing in such
household (including any amount allocable to any such
individual under subsection (d) or (e)).
''(c) Carryback of Credit.--
''(1) In general.--If the credit allowable under subsection
(a) for a taxable year exceeds the limitation under subsection
(b)(1) for such taxable year, such excess shall be allowed--
''(A) as a credit carryback to each of the 2
taxable years preceding such taxable year, and
''(B) as a credit carryforward to each of the 20
taxable years following such taxable year.
''(2) Amount carried to each year.--Rules similar to the
rules of section 39(b)(2) shall apply for purposes of this
section.
''(3) Limitation.--The amount of unused credit which may be
taken into account under paragraph (1) for any taxable year
shall not exceed the limitation under subsection (b)(1).
''(d) Definitions and Special Rules.--For purposes of this
section--
''(1) Residential heating costs.--The term 'residential
heating costs' means costs incurred in connection with an
energy source used to heat a principal residence of the
taxpayer located in the United States.
''(2) Principal residence.--The term 'principal residence'
has the same meaning as in section 121, except that--
''(A) no ownership requirement shall be imposed,
and
''(B) the principal residence must be used by the
taxpayer as the taxpayer's residence during the taxable
year.
''(3) No credit for married individuals filing separate
returns.--If the taxpayer is a married individual (within the
meaning of section 7703), this section shall apply only if the
taxpayer and the taxpayer's spouse file a joint return for the
taxable year.
''(4) Treatment of expenses paid by dependent.--If a
deduction under section 151 with respect to an individual is
allowed to another taxpayer for a taxable year beginning in the
calendar year in which such individual's taxable year begins--
''(A) no credit shall be allowed under subsection
(a) to such individual for such individual's taxable
year, and
''(B) residential heating costs paid by such
individual during such individual's taxable year shall
be treated for purposes of this section as paid by such
other taxpayer.
''(e) Homeowners Associations.--The application of this section to
homeowners associations (as defined in section 528(c)(1)) or members of
such associations, and tenant-stockholders in cooperative housing
corporations (as defined in section 216), shall be allowed by
allocation, apportionment, or otherwise, to the individuals paying,
directly or indirectly, for the increased residential heating cost so
incurred.
''(f) Applicability of Section.--This section shall apply to
taxable years beginning after December 31, 2005, and before January 1,
2007.''.
(b) Reduction in Withholding.--The Secretary of the Treasury--
(1) shall educate taxpayers on adjusting withholding of
taxes to reflect any anticipated tax credit under section 25E
of the Internal Revenue Code of 1986, and
(2) may adjust the wage withholding tables prescribed under
section 3402(a)(1) of such Code to take into account the credit
allowed under section 25E of such Code.
(c) Clerical Amendment.--The table of sections for subpart A of
part IV of subchapter A of chapter 1 of the Internal Revenue Code of
1986 is amended by striking the item relating to section 35 and by
adding at the end the following new items:

''Sec. 25E. Credit against residential heating costs.''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2005.

SEC. 3. DISALLOWANCE OF USE OF LIFO METHOD OF ACCOUNTING BY LARGE
INTEGRATED OIL COMPANIES FOR LAST TAXABLE YEAR ENDING
BEFORE OCTOBER 1, 2005.

(a) General Rule.--Notwithstanding any other provision of law, an
applicable integrated oil company shall, in determining the amount of
Federal income tax imposed on such company for its most recent taxable
year ending on or before September 30, 2005, use the first-in, first-
out (FIFO) method of accounting rather than the last-in, last-out
(LIFO) method of accounting with respect to its crude oil inventories.
(b) Application of Requirement.--The requirement to use the first-
in, first-out (FIFO) method of accounting under subsection (a)--
(1) shall not be treated as a change in method of
accounting, and
(2) shall be disregarded in determining the method of
accounting required to be used in any succeeding taxable year.
(c) Applicable Integrated Oil Company.--For purposes of this
section, the term ''applicable integrated oil company'' means an
integrated oil company (as defined in section 291(b)(4) of the Internal
Revenue Code of 1986) which--
(1) had gross receipts in excess of $1,000,000,000 for its
most recent taxable year ending on or before September 30,
2005, and
(2) would, without regard to this section, use the last-in,
first-out (LIFO) method of accounting with respect to its crude
oil inventories for such taxable year.
For purposes of paragraph (1), all persons treated as a single employer
under subsections (a) and (b) of section 52 of the Internal Revenue
Code of 1986 shall be treated as 1 person.
A:
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.