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 ten barrels per day, per quarter, of royalty owner oil production from the windfall profit tax. Requires proportionate allocation of any production in excess of ten barrels per day between tier 1 oil, tier 2, and tier 3 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.…