A bill to provide a credit against crude oil windfall profit tax for royalty owners.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow a credit or refund of crude oil windfall profit taxes to any qualified royalty owner for any portion of such tax paid in connection with qualified royalty production between February 29, 1980, and January 1, 1981. Limits such credit to $1,000. Provides for allocation of such credit among family members and among stockholders in qualified family farm corporations. Denies an income tax deduction where such credit or refund is allowable. Reduces the adjusted base price of crude oil for purposes of computing the windfall profit tax by .8 percent for fiscal year 1981.…