To impose an excess profits tax on the income of corporations engaged in the production of petroleum and petroleum products for a limited period.

Amends the Internal Revenue Code to impose on the income of every corporation engaged in the production of petroleum and petroleum products for each taxable year which begins or ends during the emergency period a tax of 40 percent of the excess profits taxable income for such taxable year. Describes the emergency period as the three-year period beginning on the date of the enactment of this Act.

Sets forth the method of determining taxable income of a corporation during the emergency period.

Allows an excess profits deduction of either 100 percent of the average base period taxable income or a percentage of invested capital, whichever is greater.

Revises the energy plowback deduction for purposes of this Act to include the costs of: (1) intangible drilling and development; (2) construction, reconstruction, erection, or acquisition of specified petroleum-related items; or (3) secondary or tertiary recovery of oil or gas.