A bill to assist the States in raising revenues by making more uniform the incidence and rate of tax imposed by States on the severance of coal, and to impose a countervailing duty on imported coal.

Imposes on the severence of coal from a coal property in the United States an excise tax of 10 percent of the value of the coal during the taxable period.

Allows a tax credit against such tax equal to the amount of severance taxes paid by him to any State or political subdivision as severance taxes with respect to such mineral property.

Provides that, in the case of any coal or coal product imported into the United States (whether or not otherwise subject to duty), there shall be levied and paid, in addition to any other duty imposed by law, an additional duty equal to the amount of severance tax which would have been imposed under the Internal Revenue Code had such coal or coal product been extracted and processed within the United States at the time of such importation.

Provides that coal processed before importation by nonmining processes which advance the value thereof more than threefold, such additional duty shall not apply to the imported product.

States that if the Tariff Commission finds that any coal or coal product imported into the United States is not directly competitive with any coal or coal product produced in the United States, the Commission shall report such finding to the President; and if the President on the basis of such finding proclaims that such coal or coal products should be exempt from the duty imposed by this Act, such duty shall not apply to the importation of such coal or coal products, unless either House of Congress disapproves such exemption.