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H.R. 7099 · 117th Congress

Stop Gas Price Gouging Tax and Rebate Act

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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.

PDD DeFazioSponsor
47 cosponsors · 47 D

This bill imposes an excise tax of 50% of the excess of the windfall profit of a producer of crude oil (including crude oil condensates and natural gasoline) that has an average daily worldwide production of crude oil of at least 300,000 barrels for the taxable year, and had gross receipts in excess of $1 billion for its last taxable year during 2005.

What it does: CRS summary · Introduced in House · Mar 16, 2022

Stop Gas Price Gouging Tax and Rebate Act

This bill imposes an excise tax of 50% of the excess of the windfall profit of a producer of crude oil (including crude oil condensates and natural gasoline) that has an average daily worldwide production of crude oil of at least 300,000 barrels for the taxable year, and had gross receipts in excess of $1 billion for its last taxable year during 2005. The bill defines windfall profit as the excess of the adjusted taxable income of such producer for taxable year 2022 over the reasonably inflated average profit for such taxable year.

The bill requires payment of energy price rebates to eligible individuals.

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

About this bill and sources

Official title: Stop Gas Price Gouging Tax and Rebate Act

Latest action (Mar 16, 2022): Referred to the House Committee on Ways and Means.

Policy area: Taxation · Origin: House · Introduced: Mar 16, 2022

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

No recorded floor vote found.