Crude Oil Windfall Profit Tax Act of 1980

[AI summary unavailable — showing source text] Crude Oil Windfall Profit Tax of 1979 - 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. Sets the rate of such tax at 50 percent of the windfall profit on each barrel of taxable crude oil. Defines "windfall profit" as the excess of the removal price of a barrel of crude oil (amount for which barrel is sold) over the adjusted base price of such barrel (the base price, plus the base price multiplied by a cost of living adjustment for the calendar quarter in which the crude oil is removed from the premises). Specifies base prices for three tiers or types of crude oil subject to the 1979 energy regulations. Provides that the windfall profit on any barrel of crude oil shall not exceed 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 last day of the second month following the close of the taxable period. Requires the purchaser of taxable crude oil to furnish to the …