A bill to impose during the present energy crisis an excess profits tax on the income of corporations engaged in the production or distribution of petroleum or natural gas.

Imposes on the income of corporations engaged in the production or distribution of petroleum or natural gas, for each taxable year beginning or ending in the energy emergency period (January 1, 1974 to December 31, 1975), a tax equal to 37 percent of the excess energy profits income of such corporations.

Defines excess energy profits income.

Allows tax deductions equal to the energy taxable income of the corporations and for expenditures for exploration and development, increased domestic productive capacity, and pollution abatement.