Page:United States Statutes at Large Volume 95.djvu/361

 PUBLIC LAW 97-34—AUG. 13, 1981

95 STAT. 335

(4) such other information for purposes of carrying out the provisions of this section as may be required by such regulations.

TITLE VI—ENERGY PROVISIONS Subtitle A—Changes in Windfall Profit Tax SEC. 601. $2,500 ROYALTY CREDIT FOR 1981; EXEMPTION FOR 1982 AND THEREAFTER.

(a) $2,500 ROYALTY CREDIT FOR 1981.— (1) IN GENERAL.—Subsection (a) of section 6429 (relating to 26 USC 6429. treatment as overpayment) is amended to read as follows: "(a) TREATMENT AS OVERPAYMENT.—In the case of a qualified royalty owner, that portion of the tax imposed by section 4986 which is paid in connection with qualified royalty production removed from the premises during calendar year 1981 shall be treated as an overpayment of the tax imposed by section 4986." (2) INCREASE IN AMOUNT OF CREDIT.—Paragraph (1) of section 6429(c) (relating to $1,000 limitation on credit or refund) is amended to read as follows: "(1) IN GENERAL.—The aggregate amount which may be treated as an overpayment under subsection (a) with respect to any qualified royalty owner for production removed from the premises during calendar year 1981 shall not exceed $2,500." (3) CONFORMING AMENDMENTS.—Subsection (c) of section 6429 is amended— (A) by striking out "$1,000" each place it appears and inserting in lieu thereof "$2,500", and (B) by striking out "qualified period" each place it appears and inserting in lieu thereof "calendar year". (4) DEFINITION OF QUALIFIED ROYALTY PRODUCTION.—Subsection

(d) of section 6429 is amended by striking out paragraphs (2) and (3) and inserting in lieu thereof the following new paragraphs: "(2) QuAUFiED R Y L Y PRODUCTION.—The term 'qualified royO AT alty production' means, with respect to any qualified royalty owner, taxable crude oil which is attributable to an economic interest of such royalty owner other than an operating mineral interest (within the meaning of section 614(d)). Such term does not include taxable crude oil attributable to any overriding royalty interest, production payment, net profits interest, or similar interest of the qualified royalty owner which— "(A) is created after June 9, 1981, out of an operating mineral interest in property which is proven oil or gas property (within the meaning of section 613A(c)(9)(A)) on the date such interest is created, and "(B) is not created pursuant to a binding contract entered into prior to June 10, 1981. "(3) PRODUCTION FROM TRANSFERRED PROPERTY.—

"(A) IN GENERAL.—In the case of a transfer of an interest in any property, the qualified royalty production of the transferee shall not include any production attributable to

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