S. 408 · 118th Congress
Big Oil Windfall Profits Tax Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WhitehouseSponsor18 cosponsors · 17 D, 1 I
D
Brown
TB
D
Baldwin
MB
D
Bennet
RB
D
Blumenthal
CB
D
Booker
BC
D
Casey
DF
D
Feinstein
TK
D
Kaine
EM
D
Markey
CM
D
Murphy
JM
D
Merkley
AP
D
Padilla
JR
D
Reed
BS
I
Sanders
DS
D
Stabenow
RW
D
Warnock
EW
D
Warren
PW
D
Welch17 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 Senate · Feb 14, 2023
Big Oil Windfall Profits Tax Act
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.
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 (Feb 14, 2023): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Feb 14, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.