A bill to impose an excess profits tax on the income of corporations engaged in the production of distribution of energy during the present energy crisis.

Imposes on the income of corporations engaged in energy production or distribution a tax equal to 37 percent of the excess profits on the taxable income of corporations. Establishes as a base period January 1, 1967, to December 31, 1971.

Requires, in determining taxable income, adjustments, so that deductions for dividends on qualified preferred stock shall not be allowed; and that gains or losses from sale or exchange of capital assets shall not be considered.

States that the excess profits deduction shall be 100 percent of the average base period taxable income, and defines such income.

Requires, in determining taxable income for a year in the base period, adjustments, so that the net operating loss deduction shall not be allowed.

States that a taxpayer commencing business during its base period shall be considered a new corporation and may elect to use a substitute average base period net income.