A bill to amend the Internal Revenue Code of 1954 to provide for an excess profits tax on the income of corporations engaged in oil production and refining, and to establish the Energy Research, Development, and Exploration Trust Fund.

Summary

Imposes an excess profits tax of 42 percent under the Internal Revenue Code on the income of corporations engaged in oil production and refining on the amount of profit in excess of the greater of $250,000 or the product of the corporations equity capital and the domestic rate of return on equity for the pertinent taxable year. Provides a tax deduction from gross income for expenses of energy research, development, and exploration. Establishes the Energy Research, Development, and Exploration Trust Fund and appropriates the amount of the revenues generated by the tax imposed by this Act to support the research, development, and exploration activities of the Fund.

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1 official file

• Introduced in House

  summary · EN · 23 January 1975

  Open at official source

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