Economic Preparedness Act

Economic Preparedness Act - Title I: National Economic Preparedness Council - Establishes a National Economic Preparedness Council. Sets forth the membership composition of such council. Provides that it shall be the duty of the Council to study and investigate and make recommendations with respect to the organization, methods of operation, and powers of all departments, agencies, independent establishments, and instrumentalities of the United States Government and other institutions participating in the management of the economy of the United States. Sets forth reporting requirements of the Council.

Authorizes the appropriation of such sums as may be necessary to carry out the provisions of this title.

Title II: National Commodities Survey Office Establishment - Establishes within the General Accounting Office a National Commodities Survey Office under the direction of a Director appointed by the Comptroller General of the United States.

Provides that the Director shall gather, analyze and interpret data related to the availability of strategic commodities and resources. Sets forth reporting requirements for the Director.

Authorizes the appropriation to the General Accounting Office of such sums as may be necessary to carry out the provisions of this title.

Title III: Imported Petroleum and Petroleum Products Self-Dealing Pricing Practices - Directs the President, in exercising his authority under the Emergency Petroleum Allocation Act of 1973 or any other law, to provide, with respect to the prices of imported crude oil, natural gas liquids, condensate, residual fuel oil and refined petroleum products, produced or refined by the person importing such products into the United States, or purchased or exchanged by him from an affiliate, no more than a dollar-for-dollar passthrough of net increases in foreign taxes and in royalties paid to nonaffiliates for crude oil, natural gas liquids, or condensate, or in the actual price paid at the first purchase from a nonaffiliate of such crude oil, natural gas liquids, condensate, residual fuel oil, or refined petroleum products.

Title IV: Income Tax Provisions - Revises the Internal Revenue Code with respect to individual income tax by allowing a credit of $250 per dependent against the tax imposed for the taxable year.

Revises the Internal Revenue Code by eliminating: (1) the tax credit for taxes paid or accrued to any foreign country with respect to income derived from the extraction, production, or refining of oil or gas in such country; and (2) the depletion allowance on both foreign and domestic oil beyond the point of the original cost of the investment.

Repeals, under the Internal Revenue Code, the asset depreciation range provisions of such code.

Revises the Internal Revenue Code by eliminating accelerated depreciation for builders except for a building or structure which is a federally subsidized residential rental property and the original use of which commences with the taxpayer.

Title V: Public Service Employment - Revises the Comprehensive Employment and Training Act of 1973 by providing supplemental funding to carry out the public service employment programs under the Act whenever unemployment surpasses specified levels.

Establishes in the United States Treasury the Emergency Employment Assistance Fund. Provides that whenever the President or the Congress determines that specified amounts available in the fund should be obligaged in order to diminish expected levels of unemployment or the Secretary of Labor determines that the rate of national unemployment exceeds 5.5 percent for three consecutive months, the Secretary shall obligate amounts in the fund to provide unemployed and underemployed persons with transitional employment in jobs providing needed public services, and, wherever feasible, related training and manpower services to enable such persons to move into employment or training not supported under this Act.

Authorizes the appropriation of not in excess of $5,000,000,000 in the aggregate for fiscal years 1975 and 1976 to carry out the provisions of this title.

Title VI: Special Unemployment Compensation Program - Provides that each State which enters into an agreement with the Secretary of Labor, pursuant to which it makes payments of special unemployment compensation in accordance with the provisions of this Act and the rules and regulations prescribed by the Secretary of Labor, shall be paid by the United States from time to time such amounts as are deemed necessary by the Secretary to carry out the provisions of this Act in the State.

Sets forth the eligibility criteria for an individual to receive a payment of special unemployment compensation or waiting period credit with respect to a week of unemployment occurring during and subsequent to a special unemployment compensation period in accordance with the provisions of this Act.

Sets forth the criteria for designation of a special unemployment compensation period by the Secretary. Sets forth the method of computation of the weekly benefit rate for the purposes of this Act.

Defines the terms used in this Act.

Authorizes the appropriation of such sums as may be necessary to carry out the provisions of this Act.