Fair Deal Amendment of 1982

Fair Deal Amendment of 1982 - Amends the Internal Revenue Code to reduce the windfall profit tax liability of a producer of crude oil by 25 percent of the State tax actually paid which is imposed: (1) on the gross receipts of oil companies, but only to the extent that the tax rate does not exceed five percent; or (2) on a proportionate basis on the windfall profit of a producer of crude oil, to the extent that the tax rate does not exceed ten percent. Requires that the proceeds of such State taxes be used for energy or transportation-related purposes or low-and moderate-income energy assistance.

Disallows an income tax deduction for taxes used as the basis for a windfall profit tax adjustment under this Act.