To amend the Internal Revenue Code of 1986 to impose a windfall profits tax on electric generating facilities having excess profits.

Amends the Internal Revenue Code to impose (on sellers) a windfall profits tax on electric generating facilities having excess profits. Exempts electricity produced from renewable sources from such tax.

Expresses the sense of Congress that such tax should be used to: (1) reduce taxes for consumers and moderate the impact of high prices on the poor or small businessmen; and (2) encourage alternative energy source development through research tax credits.