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.

[AI summary unavailable — showing source text] Imposes a tax on the income of every corporation engaged in producing or refining petroleum equal to 42 percent of the excess profits income of such corporation for a taxable year. Defines excess profits income. Allows a standard deduction under the Internal Revenue Code in determining excess profits income. Sets forth the formula for determining such deduction. Allows a tax deduction, in determining excess profits income, equal to the expenses for energy resource exploration, energy production research, and construction of new facilities for production. Establishes the Energy Research, Development, and Exploration Trust Fund and appropriates money to such fund from excess profits tax revenue.…