A bill to amend the Internal Revenue Code of 1954 to provide more equitable treatment of independent oil producers, including royalty owners, under the crude oil windfall profit tax.

Amends the Internal Revenue Code to exempt from the crude oil windfall profit tax: (1) an independent oil producer's entire production of oil; and (2) a proportionate interest in an independent producer's production held by a royalty owner.

Excludes from such exemption any independent producer's interest in production from a property to the extent that such interest was held by an integrated oil company on October 24, 1979.