A bill to impose an excess profits tax on the income of corporations engaged in the production of distribution of energy during the present energy crises.

Summary

Imposes on the income of every corporation engaged in energy production or distribution, for each taxable year which ends or begins during the energy emergency period, a tax equal to 37 percent of the excess profits taxable income such corporation for such taxable year. Defines the term excess profits taxable income as taxable income reduced by the higher of $25,000 or the excess profits deduction for the taxable year. States that the term energy emergency period means the period beginning on January 1, 1974, and continuing until the last day of the calendar month during which a joint resolution of the Congress is approved by the President which states in substance that an energy emergency no longer exists. Establishes a formula for determining the excess profits deduction for any taxable year.

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1 official file

• Introduced in House

  summary · EN · 5 February 1974

  Open at official source

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