WINDFALL PROFIT TAX REPEAL.

SEC 1941. WINDFALL PROFIT TAX REPEAL. (a) In General.— Chapter 45 of the Internal Revenue Code of 1986 is repealed. (b) Conforming Amendments.— 102 STAT. 1323 (1) Sections 6050C, 6076, 6232, 6429, 6430, and 7241 of the Internal Revenue Code of 1986 are repealed. (2) (A) Subsection (a) of section 164 of such Code is amended by striking paragraph (4) and redesignating the subsequent paragraphs as paragraphs (4) and (5), respectively. (B) The following provisions of such Code are each amended by striking “44, or 45” each place it appears and inserting “or 44”: (i) section 6211(a), (ii) section 6211(b)(2), (iii) section 6212(a), (iv) section 6213(a), (v) section 6213(g), (vi) section 6214(c), (vii) section 6214(d), (viii) section 6161(b)(1), (ix) section 6344(a)(1), and (x) section 7422(e). (C) Subsection (a) of section 6211 of such Code is amended by striking “44, and 45” and inserting “and 44”. (D) Subsection (b) of section 6211 of such Code is amended by striking paragraphs (5) and (6). (E) Paragraph (1) of section 6212(b) of such Code is amended— (i) by striking “chapter 44, or chapter 45” and inserting “or chapter 44”, and (ii) by striking “chapter 44, chapter 45, and this chapter” and inserting “chapter 44, and this chapter”. (F) Paragraph (1) of section 6212(c) of such Code is amended— (i) by striking “of chapter 42 tax” and inserting “or of chapter 42 tax”, and (ii) by striking “, or of chapter 45 tax for the same taxable period”. (G) Subsection (e) of section 6302 of such Code is amended— (i) by striking “(1) For” and inserting “For”, and (ii) by striking paragraph (2). (H) Section 6501 of such Code is amended by striking the subsection relating to special rules for windfall profit tax. (I) Section 6511 of such Code is amended by striking subsection (h) and redesignating subsection (i) as subsection (h). (J) Subsection (a) of section 6512 of such Code is amended— (i) by striking “of tax imposed by chapter 41” and inserting “or of tax imposed by chapter 41”, and (ii) by striking “, or of tax imposed by chapter 45 for the same taxable period”. (K) Paragraph (1) of section 6512(b) of such Code is amended— (i) by striking “of tax imposed by chapter 41” and inserting “or of tax imposed by chapter 41”, and (ii) by striking “, or of tax imposed by chapter 45 for the same taxable period”. (L) Section 6611 of such Code is amended by striking subsection (h) and redesignating subsections (i) and (j) as subsections (h) and (i), respectively. (M) Subsection (d) of section 6724 of such Code is amended— (i) by striking clause (i) in paragraph (1)(B) and re-designating clauses (ii) through (x) as clauses (i) through (ix), respectively, and 102 STAT. 1324 (ii) by striking subparagraphs (A) and (K) of paragraph (2) and redesignating subparagraphs (B), (C), (D), (E), (F), (G), (H), (I), (J), (L), (M), (N), (O), (P), (Q), (R), (S), and (T) as subparagraphs (A), (B), (C), (D), (E), (F), (G), (H), (I), (J), (K), (L), (M), (N), (O), (P), (Q), and (R), respectively. (N) Subsection (a) of section 6862 of such Code is amended by striking “44, and 45” and inserting “and 44”. (O) Section 7512 of such Code is amended— (i) by striking “, by chapter 33, or by section 4986” in subsections (a) and (b) and inserting “or chapter 33”, and (ii) by striking “, chapter 33, or section 4986” in subsections (b) and (c) and inserting “or chapter 33”. (3) (A) The table of contents of subtitle D of such Code is amended by striking the item relating to chapter 45. (B) The table of contents of subpart B of part III of subchapter A of chapter 61 of such Code is amended by striking the item relating to section 6050C. (C) The table of contents of part V of such subchapter is amended by striking the item relating to section 6076. (D) The table of contents of subchapter C of chapter 63 of such Code is amended by striking the item relating to section 6232. (E) The table of contents of subchapter B of chapter 65 of such Code is amended by striking the items relating to sections 6429 and 6430. (F) The table of contents of part II of subchapter A of chapter 75 of such Code is amended by striking the item relating to section 7241. (4) (A) Section 280D of such Code is repealed. (B) The table of sections for part IX of subchapter B of chapter 1 of such Code is amended by striking the item relating to section 280D. (5) Paragraph (4) of section 291(b) of such Code is amended to read as follows: “(4) Integrated oil company defined.— For purposes of this subsection, the term ‘integrated oil company’ means, with respect to any taxable year, any producer of crude oil to whom subsection (c) of section 613A does not apply by reason of paragraph (2) or (4) of section 613A(d).” (6) (A) Paragraph (3) of section 6654(f) of such Code is amended to read as follows: “(3) the credits against tax provided by part IV of subchapter A of chapter 1, other than the credit against tax provided by section 31 (relating to tax withheld on wages).” (B) Subparagraph (B) of section 6655(g)(1) of such Code is amended to read as follows: “(B) the credits against tax provided by part IV of subchapter A of chapter 1.” (7) Subparagraph (A) of section 193(b)(3) of such Code is amended by striking “section 4996(b)(8)9C)” and inserting “section 4996(b)(8)(C) as in effect before its repeal”. (c) Effective Date.— The amendments made by this section shall apply to crude oil removed from the premises on or after the date of the enactment of this Act.