Big Oil Windfall Profits Tax Act

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

D KhannaSponsor

24 cosponsors · 24 D

0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

This bill imposes an excise tax on the windfall profits of crude oil on taxpayers who extracted and imported more than 300,000 barrels (a barrel equals 42 U.S. gallons) of taxable crude oil (i.e., crude oil, crude oil condensates, and natural gasoline) in 2019, or who extracted and imported that amount in the current calendar quarter.

What it does: CRS summary · Introduced in House · Mar 11, 2022

Big Oil Windfall Profits Tax Act

The bill requires rebates of the tax collected to be paid to individual taxpayers. The bill establishes the Protect Consumers from Gas Hikes Fund to finance such rebates.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Big Oil Windfall Profits Tax Act

Latest action (Mar 11, 2022): Referred to the House Committee on Ways and Means.

Policy area: Taxation · Origin: House · Introduced: Mar 11, 2022

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.