A bill to provide that at least one-third of the revenues from the windfall profit tax shall be payable to States for mass transit, business and residential energy conservation incentives, and incentives for the development and use of alternative sources of energy.

Requires that at least one-third of the revenues from the windfall profit tax shall be available to the Secretary of Energy for grants to States to carry out programs of: (1) mass transit; (2) business and residential energy conservation; and (3) incentives for the development and use of alternative energy sources. Requires States seeking such grants to submit an application and plan for carrying out any such program or programs.