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

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exempt a certain portion of royalty owner oil production from the windfall profit tax. Limits the amount so exempted per quarter to ten barrels per day. Requires proportionate allocation of any production in excess of ten barrels per day between tier 1 oil and tier 2 oil, and within any tier on the basis of removal prices. Requires allocation of the ten barrel amount among royalty owners who are members of the same related group.…