The LIHEAP Parity Act aims to update and improve the method for distributing Low-Income Home Energy Assistance Program (LIHEAP) funds to states. It achieves this by amending the Low-Income Home Energy Assistance Act of 1981, specifically striking a clause from the current state allotment formula. The legislation mandates the Secretary of Health and Human Services to issue new regulations. These regulations will define a revised method for calculating state allotments, ensuring consistency with the amendment and promoting accurate fund distribution. Furthermore, the Secretary must specify the data sources to be used by the Administration for Children and Families for these allotments and establish how frequently these data sources will be updated to maintain accuracy.