A bill to amend the Internal Revenue Code of 1954 to impose a windfall profits tax on domestic production of crude oil.

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. Specifies a graduated schedule of tax rates for windfall profits on each barrel of oil removed from the premises. Provides for a gradual phaseout of the windfall profits tax over a period of four years.

Allows a nonrefundable tax credit against the windfall profits tax for: (1) intangible drilling and development costs; (2) geological and geophysical costs; (3) the construction of facilities for the exploration and refining of oil or gas; (4) secondary or tertiary recovery of oil or gas; or (5) the acquisition of oil and gas leases.

Defines "windfall profit" as the excess of the removal price (amount for which the barrel of oil is sold) over the pre-decontrol ceiling price. Provides that the windfall profit on any barrel of crude oil shall not exceed 75 percent of the net income attributable to such barrel.

Requires oil producers to maintain such records with respect to oil production as the Secretary of the Treasury 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 pre-decontrol ceiling price of such oil; (4) the amount of taxpayer's liability for tax; and (5) other information which the Secretary may require.

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) the total amount of plowback investment made by such partnership, trust, or estate during such taxable period; (4) each partner's or beneficiary's share from the sale of crude oil; and (5) other information which the Secretary may require.