Energy Tax and Individual Relief Act

[AI summary unavailable — showing source text] Energy Tax and Individual Relief Act - Title I: Oil And Gas Energy Tax Act - 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 each person liable for the tax, each partnership, trust, or estate producing domestic crude oil, each purchaser of domestic crude oil, and 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 beneficiaries of estates and trusts. …