A bill to impose an excess profits tax on the income of corporations during the periods of national energy emergency and to establish an energy trust fund to develop new energy sources improve utilization of present sources, develop means for energy conservation, and to promote effective economic techniques for preserving the environment in the United States.

Summary

Imposes on the income of corporations engaged in energy production or distribution a tax equal to 37 percent of the excess profits on the taxable income of corporations. Requires revenue from such tax to be segregated and used only for programs to develop new energy sources and improve utilization of present sources. Establishes as a base period January 1, 1969, to December 31, 1973. Requires, in determining taxable income, adjustments, so that deductions for dividends on certain preferred stock shall not be allowed; that gains or losses from sale or exchange of capital assets shall not be considered; and that there shall be excluded income derived from sources within foreign countries to the extent that such income would, but for monetary, exchange, or other restrictions, have been includable in the gross income of the taxpayer. States that the excess profits deduction shall be 100 percent of the average base period taxable income or an amount set according to a formula. Defines average base period taxable income.

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1 official file

• Introduced in House

  summary · EN · 21 December 1973

  Open at official source

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