A bill to impose an excess profits tax on energy companies, create an incentive for certain energy investments.

Imposes an energy emergency tax on the taxable income of every energy corporation for each taxable year ending after December 31, 1972. Provides that such tax shall not apply to foreign corporations and new corporations.

Defines terms used in this Act, including "energy corporation." Permits a surcharge exemption and adjustments to such exemption in specified cases.