A bill to amend the Internal Revenue Code of 1954 to impose a windfall profits tax on domestic production of crude oil.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to impose upon producers of domestic crude oil an excise tax on the windfall profits from oil removed from the premises during each taxable period. Specifies a graduated schedule of tax rates for windfall profits on each barrel of oil removed from the premises. Provides for a gradual phaseout of the windfall profits tax over a period of four years. Allows a nonrefundable tax credit against the windfall profits tax for: (1) intangible drilling and development costs; (2) geological and geophysical costs; (3) the construction of facilities for the exploration and refining of oil or gas; (4) secondary or tertiary recovery of oil or gas; or (5) the acquisition of oil and gas leases. Defines "windfall profit" as the excess of the removal price (amount for which the barrel of oil is sold) over the pre-decontrol ceiling price. Provides that the windfall profit on any barrel of crude oil shall not exceed 75 percent of the net income attributable to such barrel. Requires oil producers to maintain such records with respect to oil production as the Secretary of the Treasury may require. Specifies that windfall profit tax returns must be filed not later than the…