A bill to amend the Internal Revenue Code of 1954 with respect to the treatment of net profits interests for purposes of the windfall profit tax.

Amends the Internal Revenue Code, with respect to the crude oil windfall profit tax, to treat a holder of a net profit interest as a producer liable for payment of such tax on the portion of gross production allocated to him in portion to his respective share, if any, of the net profits (computed without regard to such tax).