Domestic Energy Security Act

Domestic Energy Security Act - Title I: Regulatory Amendments - Amends the Powerplant and Industrial Fuel Use Act of 1978 to eliminate the restrictions on the use of natural gas at existing electric powerplants.

Amends the Emergency Petroleum Allocation Act of 1973 to terminate at the end of the month following the date of enactment of this Act the authority to promulgate and amend any regulation, to issue any order, and to enforce any such regulation or order issued pursuant to such Act, including any such regulation or order or enforcement thereof relating to heavy oil.

Amends the mandatory allocation and price control provisions of such Act by exempting from the regulation promulgated under such provision the first sale of heavy crude oil. Exempts such exempted oil from the provision authorizing the President to reimpose allocation and price requirements on any exempt oil or refined product category.

Exempts heavy crude oil from any Federal windfall profits or other Federal excise tax imposed on domestically-produced crude oil.

Amends the Natural Gas Policy Act of 1978 to eliminate price controls over the first sale of natural gas at the end of the month following the date of enactment of this Act. Repeals the standby price control authority and reporting provisions of such Act and the incremental pricing, additional authorities and requirements, and natural gas curtailment policies provisions of such Act.

Amends the Powerplant and Industrial Fuel Use Act of 1978 to direct the Federal Energy Regulatory Commission to take appropriate actions to increase the use of coal by powerplants and other facilities which otherwise use petroleum as fuel.

Title II: Tax Provisions - Amends the Internal Revenue Code of 1954 to extend until December 31, 1995, the period during which qualified energy property is placed in service for the purposes of the investment tax credit. Increases the energy percentage with respect to such credit from ten to 15 percent of the qualified investment property.

Adds oil and gas equipment to the types of equipment included within the definition of energy property.

Sets forth provisions allowing a deduction with respect to the amortization of any energy property based on a period of 60 months. Excludes such property from being treated as qualified investment property for the purposes of the investment tax credit.

Allows such amortization deduction to be taken by estates and trusts in the same manner as in the case of an individual.

Sets forth other provisions with regard to such property relating to basis in certain exchanges, gain from dispositions of depreciable property, and depreciation adjustments.

Title III: Miscellaneous Provisions - Provides for the severability of any provision of this Act or the application of any such provision which is declared invalid.