H.R. 7103 · 117th Congress
Stop Profiting Off Putin’s War 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.
D
MaloneySponsorNo cosponsors.
This bill imposes a 50% excise tax through 2023 on the adjusted taxable income of certain major integrated oil companies during calendar quarters when the national average price of unleaded gasoline is equal to or greater than the national average price of unleaded gasoline on February 24, 2022, the day of the Russian invasion of Ukraine.
What it does: CRS summary · Introduced in House · Mar 16, 2022
Stop Profiting Off Putin's War Act
This bill imposes a 50% excise tax through 2023 on the adjusted taxable income of certain major integrated oil companies during calendar quarters when the national average price of unleaded gasoline is equal to or greater than the national average price of unleaded gasoline on February 24, 2022, the day of the Russian invasion of Ukraine. The rate of such tax is increased to 75% for companies that raise prices in response to this new tax.
The bill requires tax revenues to be paid as rebates to eligible individuals and establishes the Gas Profit Recovery Fund to finance the payment of such rebates.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Stop Profiting Off Putin’s War 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.