A bill; temporary tax on energy corporations; incentive investment deduction for increased net capital outlays.

Revises the Internal Revenue Code by imposing an energy emergency tax on the taxable income of every energy corporation for each taxable year ending after December 31, 1972, and beginning before the termination of the energy emergency period as defined by the Act. Provides that the tax shall be an amount equal to the amount of the surcharge for the taxable year, as computed under this Act.

Sets forth the method of computation of the surcharge.