A bill to amend the Internal Revenue Code of 1954 to impose an excess profit tax on the income of corporations engaged in oil production and refining.

Imposes, under the Internal Revenue Code, an excess profits tax of 42 percent on the income of corporations engaged in oil production and refining reduced by an amount equal to the base period taxable income divided by 3 and the energy development deduction.

Provides that base period taxable income shall be the taxable income for calendar years 1971, 1972, and 1973 without taking into account specified deductions.

Provides that the energy development deduction of any corporation is the excess of energy development expenditures over the corporation's average base period energy development expenditures.