A bill to amend the Internal Revenue Code of 1954 to provide more equitable treatment of independent oil producers, including royalty owners, under the crude oil windfall profit tax.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exempt from the crude oil windfall profit tax: (1) an independent oil producer's entire production of oil; and (2) a proportionate interest in an independent producer's production held by a royalty owner. Excludes from such exemption any independent producer's interest in production from a property to the extent that such interest was held by an integrated oil company on October 24, 1979.…