; return of tax (A) Taxable period Except as provided by the Secretary, each calendar year shall constitute a taxable period. (B) Returns The Secretary shall provide for the filing, and the time for filing, of the return of the tax imposed under section 5901. (b) Definitions For purposes of this chapter— (1) Producer The term producer means the holder of the economic interest with respect to the crude oil or natural gas. (2) Crude oil The term crude oil includes crude oil condensates and natural gasoline. (3) Premises and crude oil product The terms premises and crude oil product have the same meanings as when used for purposes of determining gross income from the property under section 613. (c) Adjustment of removal price In determining the removal price of oil or natural gas from a property in the case of any transaction, the Secretary may adjust the removal price to reflect clearly the fair market value of oil or natural gas removed. (d) Regulations The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of this chapter. . (b) Deductibility of tax The first sentence of section 164(a) of the Internal Revenue Code of 1986 is amended by inserting after paragraph (4) the following new paragraph: (5) The tax imposed by section 5901(a) (after application of section 5901(b)) on the severance of crude oil or natural gas from the outer Continental Shelf in the Gulf of Mexico. . (c) Clerical amendment The table of chapters for subtitle E is amended by adding at the end the following new item: 56. Tax on severance of crude oil and natural gas from the outer Continental Shelf in the Gulf of Mexico . (d) Effective date The amendments made by this section shall apply to crude oil or natural gas removed after December 31, 2017. 524. Repeal of corporate income tax exemption for publicly traded partnerships with qualifying income and gains from activities relating to fossil fuels (a) In general Section 7704(d)(1) of the Internal Revenue Code of 1986 is amended— (1) by