Energy Security Corporation Act

Energy Security Corporation Act - Title I: Corporate Status, General Powers, Subsidiaries, and Tax Status - Establishes an Energy Security Corporation for the production of synthetic fuels and solar energy. Sets forth the powers of such Corporation. Empowers the Corporation to create wholly-owned subsidiaries to carry out authorized functions of such Corporation. Exempts the Corporation from all Federal, State, or local taxation.

Title II: Structure and Organization - Vests the powers of the Corporation in a Board of Directors. Sets forth the membership structure of such Board. Subjects Directors, officials, and employees of the Corporation to conflict of interest provisions of Federal law. Requires the Corporation to submit a quarterly report to the President and Congress on its financial condition, an annual report on the Corporation's operations during the year, and a report, on or before September 30, 1986, of the overall impact of the Corporation with a plan for liquidation of the Corporation in the event that its authority is not extended by Congress.

Title III: Energy Bonds - Authorizes the Corporation to issue interest-bearing energy bonds for purchase by the general public in denominations not larger than $50. Guarantees such bonds to the extent of $5,000,000,000. Exempts principal and interest of such energy bonds from State and local taxation, other than estate, inheritance, and gift tax. Excludes interest on such bonds from gross income for Federal income tax purposes. Permits a taxpayer to exclude from gross income one-half of the cost of energy bonds purchased from the Corporation, up to a maximum of $1,000.

Title IV: Energy Production Powers of the Corporation - Authorizes the Corporation to own, lease, purchase, and operate facilities for the production of synthetic fuel or solar energy. Prohibits the leasing of any facility to individuals or entities controlled by a foreign government. Authorizes the Corporation to grant loans, not in excess of $83,000,000,000 at any one time, to persons or businesses engaged in the production of synthetic fuels or solar energy. Permits the Corporation to exercise the right of eminent domain.

Title V: Environmental Provisions - Requires the establishment within the Corporation of a division to assist the Board of Directors in obtaining permits and licenses required by law for the production of synthetic fuels and solar energy. Specifies that the Corporation and any producer of synthetic fuel who receives assistance under this Act shall not be required to meet air or water environmental standards more stringent than those which can be met only by the best available technology.

Title VI: Definitions - Defines terms used in this Act.

Title VII: Authorizations - Authorizes appropriations to carry out the purposes of this Act.

Title VIII: Sunset - Terminates the Corporation 12 years from the date of enactment of this Act.

Title IX: General Provisions - Provides for severability of provisions which are declared invalid by a court from remaining provisions of this Act. Provides that the provisions of this Act shall take effect upon its enactment.

Establishes an Energy Security Corporation for the production of synthetic fuels and solar energy. Authorizes such Corporation to issue interest- bearing energy bonds to the general public and to operate facilities for the production of synthetic fuels and solar energy. Terminates such Corporation after 12 years.