A bill to enhance the production of domestic crude oil by exempting qualified stripper well production and certain oil produced by independent producers from the windfall profit tax, and to provide permanent relief from the windfall profit tax for small royalty owners.

Amends the Internal Revenue Code to: (1) exempt certain stripper well oil and independent producer oil from the windfall profit tax; (2) reduce the independent producer amount by the amount of exempt stripper well oil production; and (3) permit royalty owners to share in the independent producer oil exemption from such tax.