A bill to impose an excess profits tax for a temporary period on the income of major corporations engaged in the production or distribution of oil or natural gas.

Imposes on the income of every major corporation engaged in the production or distribution of oil or natural gas, for each taxable year which ends or begins during the energy emergency period, a tax equal to 85 percent of the excess profits taxable income of such corporation for such taxable year.

Defines "major corporation," "excess profits taxable income," and "energy emergency period."

Prescribes the computation method for excess profits deduction.