A bill to amend the Internal Revenue Code of 1954 to provide royalty holders a credit against the windfall profit tax.

Amends the Internal Revenue Code to require the credit or refunding of amounts of the windfall profit tax paid in connection with taxable crude oil which is attributable to a qualified royalty interest and which is removed from the premises during the calendar year.

Limits the credit or refund to $1,000 for calendar year 1980 and $1,000 plus an inflation adjustment for any subsequent calendar year.

Disallows a deduction for amounts which are credited or refunded under this Act.