A bill to amend the Internal Revenue Code of 1954 to repeal the crude oil windfall profit tax on tier 2 oil and tier 3 oil, to phaseout the tax beginning October 1, 1981, and to provide that royalty owners shall be exempt from the tax.

Amends the Internal Revenue Code to exempt tier 2 oil or tier 3 oil from the windfall profit tax. Advances the beginning of the phaseout of the tax to October, 1981. Exempts from the tax any domestic crude oil owned through a royalty interest.