Crude Oil Windfall Profit Tax Act of 1979

Crude Oil Windfall Profit Tax Act of 1979 - Amends the Internal Revenue Code to impose an excise tax on the windfall profit from taxable crude oil removed during each taxable period. Sets the amount of such tax at: (1) 75 percent of the windfall profit on each barrel of tier 1 oil and tier 2 oil; and (2) 60 percent of such profit on each barrel of tier 3 oil. Defines: (1) tier 1 oil as domestic crude oil which would have been subject to the lower tier ceiling price if the pre- June, 1979 controls had continued; (2) tier 2 oil as domestic crude oil which would have been subject to the upper tier ceiling price if the pre-June, 1979 controls had continued; and (3) tier 3 oil as stripper oil, oil from marginal properties, or other oil which is neither tier 1 or tier 2 oil. Exempts from such windfall tax newly discovered oil, incremental tertiary oil, heavy crude oil, and oil produced on a property after December, 1984, which is in excess of a base level computed according to a specified formula. Defines windfall profit as the excess of the removal price of a barrel of crude oil over the sum of the adjusted base price of such barrel and the amount of the severance tax adjustment computed according to a prescribed formula.

Requires the purchaser of a barrel of taxable crude oil to collect the tax on it from the producer. Requires the purchaser (or the operator of the well from which the barrel is purchased, if purchaser and operator so elect) to furnish the taxpayer- producer with a monthly statement containing: (1) the amount of the oil so purchased; (2) the removal price of such oil; (3) the base price and adjusted base price; (4) the amount of the taxpayer's liability for such oil; and (5) any other information the Secretary of Energy may require. Requires the taxpayer-producer to keep such records as the Secretary may require. Prescribes criminal penalties for willful failure to furnish the information required in such monthly statement. Requires that similar information be furnished to partners and to beneficiaries of estates and trusts, but prescribes no particular criminal penalty for willful failure to do so.

Establishes in the Treasury of the United States the Energy Trust Fund, for deposit of appropriations equivalent to the amount of windfall taxes collected under this Act. Requires investment of a portion of such fund in interest-bearing obligations of the United States only.

Directs the President to report to Congress not later than January 1, 1983, on the effect of decontrol of oil prices and the windfall profit tax on: (1) domestic oil production; (2) foreign oil imports; (3) profits of the oil industry; (4) inflation; (5) employment; (6) economic growth; (7) Federal revenues; and (8) national security.