Oil and Gas Energy Tax Act

[AI summary unavailable — showing source text] Oil and Gas Energy Tax Act - Title I: Tax Treatment of Domestic Oil and Gas Production - Imposes, under the Internal Revenue Code, an excise tax on the windfall profits from domestic crude oil removed from the premises. Prescribes the procedure for calculating the amount of such tax, allowing a plowback credit against such tax. Defines the terms used, including "windfall profit," and sets forth special rules governing this Act. Provides an exemption from the tax where a tax-exempt organization is prohibited from plowing back. Requires: (1) each person liable for the tax, (2) each partnership, trust, or estate producing domestic crude oil, (3) each purchaser of domestic crude oil, and (4) each operator of a well producing domestic crude oil; to keep records and returns with respect to such oil. Prescribes the time for filing a return of the windfall profits tax. Requires the purchaser of domestic crude oil to furnish, to the person liable for the tax, a monthly statement of specified costs, amounts, and prices. Imposes criminal penalties on persons willfully failing to furnish information required under this Act. Requires that specified information be furnished to partners and benef…