Excess Petroleum Profits Tax Act

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to impose an excess profits surtax on the taxable income of all petroleum industry corporations having an invested capital structure exceeding $2,500,000. Sets the rate of the tax at 90 percent of the amount by which the taxable income of the corporation exceeds the average rate of return on capital investment for all manufacturing corporations for the taxable year as determined by the Federal Trade Commission. Excludes from income subject to this surtax amounts used for exploration, research, or development of new energy sources, fuels, on uses. Makes sums invested (1) in domestic research and development facilities for new or expanded energy sources, or (2) to increase the domestic energy supply or its more efficient use, eligible for the investment tax credit.…