Home Energy Assistance Act of 2005

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.