A bill to impose an excess profits tax on the income of corporations engaged in the production of oil products for a limited period in order to establish a fund for the research, development, and exploration of new energy resources.

Imposes, under the Internal Revenue Code, on the income of every corporation engaged in the production of oil and oil products, a tax equal to 37 percent of the excess profits taxable income for each taxable year which begins or ends during the energy emergency period as defined by this Act. Provides that revenues from the tax imposed by this Act shall be appropriated only for programs to advance the research, development, and exploration of new energy sources as promulgated and directed by the Director of the Federal Energy Office.