Energy Revenue and Development Act

[AI summary unavailable — showing source text] Energy Revenue and Development Act - Title I: Short Title; Statement of Policy and Purposes - Declares the findings of Congress, including that it is the policy of the United States to achieve energy independence by 1985 and to reduce progressively the dependence of the United States on foreign sources of energy between now and that date. Title II: Energy Trust Fund ; Tax on Energy Sources - Establishes in the Treasury of the United States a trust fund to be known as the "Energy Trust Fund." Authorizes to be appropriated to the Trust Fund amounts equivalent to the taxes received in the Treasury under the Internal Revenue Code's tax on energy sources, created in this Act. Makes it the duty of the Secretary of the Treasury to manage the Trust Fund, to report annually to Congress and to invest portions of the Trust Fund. Provides, under the Internal Revenue Code, a tax on energy sources by imposing a yearly graduated tax on (1) the extraction of oil, gas, or coal within the United States (a tax on the BTU content of the oil, gas, or coal); (2) the production of electricity (or other consumable energy) within the United States using any energy source other than oil, gas, or coal, or an…