Energy Development Act

[AI summary unavailable — showing source text] Energy Development Act - Title I: Deregulation - Amends the Natural Gas Act to exempt sales of new natural gas from regulation by the Federal Power Commission except to the extent that rates or charges received by affiliates exceed those received by nonaffiliates. Title II: Excessive Profits Tax - Amends the Internal Revenue Code to encourage the reinvestment of fossil fuels profits by: (1) applying an additional 80 percent income tax for the five tax years ending before 1982, against either the taxpayer's fossil fuels profits which exceed his average profits during 1970-74, or 15 percent of his capital investment, whichever is greater; and (2) offering a cumulative credit against this temporary tax for funds invested in developing any energy sources.…