Oil Deregulation Tax Act of 1979

[AI summary unavailable — showing source text] Oil Deregulation Tax Act of 1979 - Amends the Internal Revenue Code to impose upon producers of domestic crude oil an excise tax on price increases resulting from deregulation. Sets the rate of such tax at 25 percent of the price increase on each barrel of taxable crude oil. Exempts oil producers whose production does not exceed 1,200 barrels multiplied by the number of days in a taxable period from the tax. Allows oil producers a nonrefundable credit against the deregulation tax for: (1) intangible drilling and development costs; (2) geological and geophysical costs; (3) expenditures for oil exploration and production equipment; and (4) secondary or tertiary recovery of oil or gas. Provides for a carryover of credit amounts which exceed the amount of deregulation tax in any taxable period. Requires oil producers to maintain such records with respect to oil production as the Secretary of the Treasury may require. Specifies that deregulation tax returns must be filed not later than the fifteenth day of the third month following the close of the taxable period. Requires the purchaser of taxable crude oil to furnish to the individual responsible for the payment of the deregulation tax…