A bill to require certain reductions in the windfall profit tax contained in the Economic Recovery Tax Act of 1981.

Amends the Economic Recovery Tax Act of 1981 to repeal the credit for any 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 1981. Repeals the exemption for 1982 and thereafter of royalty interests from the windfall profit tax. Repeals the reductions in the tax imposed on newly discovered tier three oil. Repeals the exemption from the windfall profit tax on the stripper well oil of independent producers.