Crude Oil Decontrol Windfall Profits Tax Act of 1979

[AI summary unavailable — showing source text] Crude Oil Decontrol Windfall Profits Tax Act of 1979 - Title I: Windfall Profits Tax - Amends the Internal Revenue Code to impose upon producers of domestic crude oil an excise tax on windfall profits from oil removed from the premises during each taxable period. Sets the rate of such tax at 100 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 sum of the adjusted base price of such barrel (the base price, plus the price multiplied by a cost of living adjustment for the calendar quarter in which the crude oil is removed from the premises) and the amount by which any severance tax imposed with respect to such barrel exceeds the severance tax which would have been imposed if the barrel had been extracted and sold on March 31, 1979, at the base price. Exempts newly discovered oil from the windfall profits tax. Requires oil producers to maintain such records with respect to oil production as the Secretary of Treasury may require. Specifies that windfall profit tax returns must be filed not later than the fifteenth day of the third month (fif…