A bill to amend the Internal Revenue Code of 1954 to provide for an energy conservation tax and an increase in the tax on gasoline, to establish the Energy Development and Supply Trust Fund.

Summary

Establishes the Energy Development and Supply Commission to be composed of five members. Prohibits service on the Commission of any individual who has at any time been affiliated with or has held pecuniary interest in any energy production or distribution industry or transportation industry. Requires members to have experience and competence regarding the environment and its protection, consumer protection and energy-related research and development. Directs the Commission to maintain research and development programs to: (1) develop low-cost, environmentally sound energy sources and energy generation, transmission, and distribution processes for transportation, industrial, and residential use, and other areas, with primary emphasis on the development of all aspects of solar energy sources; (2) develop processes and techniques of energy conservation for use in construction, transportation, and in the manufacture of consumer and capital goods; and (3) develop new fuels for self-propelled vehicles, and, with respect to such vehicles, alternatives to the internal combusion engine. Orders the Commission to establish and maintain national defense petroleum reserves on public lands of the United States which shall have a petroleum-producing capacity sufficient to protect the United States against a continuous one-year interruption of importation of petroleum. Directs the Commission to prepare annually an inventory of mineral deposits in the Nation and to submit such inventory to the Atomic Energy Commission, the Federal Power Commission, and the Secretary of the Interior in order to promote coordination among them regarding energy planning. States that any prospector, mine operator, or well operator who makes any discovery of any substantial mineral deposit shall file a report with the Commission setting forth: (1) the type of mineral, the estimated volume of the deposit, and the estimated quality of the unprocessed mineral; and (2) the location of the deposit. Directs the Commission to prepare: (1) a report, from time to time for submission to the Attorney General of the United States, recommending action to preserve competition among businesses engaged in the production of coal, oil, natural gas, or uranium; and (2) a report, to be submitted annually to the Congress, setting forth information regarding the supply of mineral deposits discovered during the preceding calendar year, and the estimate of the Commission of the total remaining mineral reserves of the Nation by categories. Imposes taxes of 1/10 of 1 cent per kilowatt of electricity; 10 cents per thousand cubic feet of natural gas; and 1/2 cent per gallon of special distillate and residual fuel sold or otherwise transferred to any person for his own consumption. Increases the gas tax from 4 to 8 cents per gallon. Establishes in the Treasury the Energy Development and Supply Trust Fund. Authorizes appropriation of necessary sums to the fund to carry out this Act. States that this Act shall cease to have effect on September 30, 1986.

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1 official file

• Introduced in House

  summary · EN · 5 February 1974

  Open at official source

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