Crude Oil Windfall Profit Tax Act of 1979

Crude Oil Windfall Profits Tax Act of 1979 - Amends the Internal Revenue Code to impose upon producers of domestic crude oil an excise tax on the windfall profits from oil removed from the premises during each taxable period. Sets the rate of such tax at 85 percent of the windfall profit on each barrel of taxable crude oil. Defines "taxable crude oil" as any domestic crude oil subject to a first sale ceiling price under regulations prescribed under the Emergency Petroleum Allocation Act of 1973 in effect on March 31, 1979, but not including any newly discovered crude oil (as determined by the Secretary of the Treasury). Defines "windfall profit" as the excess of the removal price of a barrel of crude oil (price for which the barrel is sold) over the sum of the adjusted base price of such barrel and the amount by which any severance tax on 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. Provides that the windfall profit on any barrel of crude oil shall not exceed the net income attributable to such barrel. Requires oil producers to maintain such records with respect to oil production as the Secretary may require. Specifies that windfall profit tax returns must be filed not later than the fifteenth day of the third month following the close of the taxable period. Requires the purchaser of taxable crude oil to furnish to the individual responsible for the payment of the windfall profits tax a monthly statement containing information with respect to: (1) the amount of taxable crude oil purchased during such month; (2) the removal price of such oil; (3) the base price and the adjusted base price of such oil; (4) the amount of such taxpayer's liability for tax; (5) the amount of severance tax liability; and (6) other information which the Secretary may require. Imposes fines and criminal penalties for willful failure to provide such information. Requires each partnership, estate, and trust producing domestic crude oil for any taxable period to furnish to each partner or beneficiary a written statement showing: (1) the name of such partner or beneficiary; (2) information received by the partnership, trust, or estate from the purchaser of crude oil; (3) each partner's or beneficiary's share from the sale of crude oil; and (4) other information which the Secretary may require.

Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on April 4, 1979. It describes the bill, it is not the legal text.

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