Energy Revenue and Development Act

Energy Revenue and Development Act - Title I: Short Title; Statement of Policy and Purposes - Declares the findings of Congress, including that it is the policy of the United States to achieve energy independence by 1985 and to reduce progressively the dependence of the United States on foreign sources of energy between now and that date.

Title II: Energy Trust Fund; Tax on Energy Sources - Establishes in the Treasury of the United States a trust fund to be known as the "Energy Trust Fund."

Authorizes to be appropriated to the Trust Fund amounts equivalent to the taxes received in the Treasury under the Internal Revenue Code's tax on energy sources, created in this Act.

Makes it the duty of the Secretary of the Treasury to manage the Trust Fund, to report annually to Congress and to invest portions of the Trust Fund.

Provides, under the Internal Revenue Code, a tax on energy sources by imposing a yearly graduated tax on (1) the extraction of oil, gas, or coal within the United States (a tax on the BTU content of the oil, gas, or coal); (2) the production of electricity (or other consumable energy) within the United States using any energy source other than oil, gas, or coal, or any product or derivative (a tax on the BTU content equivalent of the energy source); and (3) the importation into the United States of oil, gas, or coal, or any product or derivative (a tax on the BTU content of the oil, gas, coal, product, or derivative).

Title III: Federal Energy Administration Establishment - Establishes the Federal Energy Administration to be headed by an Administrator and Deputy Administrator appointed by the President by and with the advice and consent of the Senate. Directs the Administration, to carry out a national energy program involving energy research, demonstration, development, utilization, and conservation in order to meet the present and future energy needs of the United States. Enumerates the elements of such program and the powers of the Administration.

Empowers the Administration to guarantee to non-Federal lenders making loans to any person, firm, association, corporation or entity, payment of principal of and interest on loans, made by such lenders, which are approved under this title.

States that all research, development, demonstration, or projects contracted for, or financially assisted by the Administration pursuant to this Act, shall require as a condition of Federal participation that all information--whether patented or unpatented, in the form of trade secrets, knowhow, proprietary information or otherwise--resulting from federally assisted research shall be made available at the earliest possible date to the general public.

Authorizes the Administrator to make a monetary award to any individual, partnership, corporation, association, institution, or other entity, for any scientific or technical contribution to the Administration which is determined by the Administrator to have significant value in the conduct of energy activities.

Authorizes to be appropriated out of the Energy Trust Fund (established by title II of this Act) such sums as may be necessary to carry out this Act.

Transfers to the Administration, all functions (including powers, duties, activities, facilities, and parts of functions) which were carried out by the Atomic Energy Commission and which relate primarily to the peaceful uses of atomic energy.

Title IV: Commission on Energy Technology Assessment - Establishes the Commission on Energy Technology Assessment which shall be independent of the executive departments. States that the Commission shall consist of an Energy Technology Assessment Board and a Commissioner appointed by the President of the United States, with the advice and consent of the Senate.

Enumerates the basic functions of the Commission, including (1) to advise, consult with, and make recommendations to, the Administration; (2) to provide early indications of the probable beneficial and adverse impacts of the applications of technology related to energy; and (3) to establish standards and goals for research, development, and demonstration on a priority basis in accordance with the present and future energy needs of the United States. Outlines the powers of the Commission.

Authorizes appropriations for fiscal year 1975 as necessary to enable the Commission to carry out its functions under this section. States that to enable the Commission to carry out its functions each fiscal year thereafter, there is authorized to be appropriated out of moneys in the trust fund established pursuant to title II of this Act an amount equal to one percent of moneys received by such fund during the preceding fiscal year.

Title V: Termination of Price Controls - Provides, under the Economic Stabilization Act, that the authority to stabilize the prices of petroleum products, crude oil, natural gas, and coal shall terminate.

Provides that the provisions of the Natural Gas Act shall not apply in enumerated instances.

Title VI: Tax Enforcement Provisions - Imposes, under the Internal Revenue Code, an excise tax equal to 40 percent of the profits from energy sources of every person for the taxable year to the extent such profits are not reinvested in qualified energy projects.

Sets forth related provisions regarding (1) determination of the tax base; (2) capital gains and losses of taxpayers other than corporations; (3) accelerated depreciation; (4) deductions for income taxes; and (5) withdrawal of an investment.

Title VII: Imports of Petroleum and Petroleum Products, Natural Gas, and Certain Drilling and Mining Equipment - Provides variable import duties for portions of the Tariff Schedules of the United States. States that imports of specified articles from Saudi Arabia, Libya, Algeria, United Arab Emirates, Kuwait, Egypt, Oman, Iraq, Syria, Qatar, and Bahrain shall not exceed 5 percent of the estimated United States consumption of such articles for such year.

Directs the Secretary of Interior to issue licenses for the importation into the United States of articles the importation of which is limited by a proclamation of the President under this title.

Requests the President to: (1) enter into negotiations with foreign countries which have voluntarily limited the quantity of steel products which may be imported into the United States to permit the importation of increased steel products which the Secretary of the Interior certifies are in short supply in the United States and are used in the extraction, refining, or transportation of crude oil or gas, or in the extraction of coal; and (2) enter into negotiations with foreign countries which are major importers of petroleum and petroleum products for the purpose of forming an organization which will be authorized by each member country to represent that country in negotiations with foreign countries which are major exporters of petroleum and petroleum products.

Title VIII: Export Controls on Petroleum, Petroleum Products, Natural Gas and Coal, and Certain Drilling and Mining Equipment - Directs the Secretary of Commerce, at least quarterly during any period of nationwide energy emergency, and at least annually during any other period, to determine the quantity of each energy producing commodity, if any, and the quantity of each essential drilling or mining article, if any, that will be available for export during the succeeding quarter or year.

States that no energy producing commodity or essential drilling or mining article may be exported to any foreign country unless the exporter has been issued a license by the Secretary, or unless such export is exempt under the provisions of this Act. Enumerates such exemptions.

Title IX: Tax Incentives for Increased Production of Energy Sources - Permits a tax credit for domestic exploratory drilling and secondary and teritiary recovery costs. Makes technical and conforming amendments to the Internal Revenue Code.

Title X: Miscellaneous Tax Provisions - Provides for the removal of preferential tax treatment for new oil and gas wells located outside the United States.

Provides, in the case of an individual, a credit against the tax imposed by this Act in an amount equal to 50 percent of so much of the residential energy conservation expenditures paid or incurred by the taxpayer during the taxable year as does not exceed $1,000. Permits an election to take a tax credit in lieu of such deduction.

Title XI: Transfer to the Secretary of the Interior of Jurisdiction Over the Naval Petroleum and Oil Shale Reserves; Increased Production on Federal Lands - Provides that all jurisdiction and control of the Secretary of the Navy (including those powers and functions conferred on the Secretary of the Navy which are necessary to the Secretary of the Interior to enable him to carry out his duties under this title) over all properties inside the naval petroleum and oil shale reserves of the United States (including lands covered by leases) are transferred to the Secretary of the Interior.

Directs the Secretary of the Interior to require that any oil and gas field on lands or interests in lands owned by the United States, including lands on the Outer Continental Shelf: (1) be fully developed as expediently as is reasonably justified; (2) be produced at the maximum efficient rate of production where such field has not been so developed and produced; or (3) be produced in excess of its maximum efficient rate of production if the Secretary finds that production at such rates is necessary to meet essential national energy requirements.