Big Oil Windfall Profits Tax Act

This bill would create a new federal excise tax on crude oil for companies that extract or import more than 300,000 barrels per day on average. Each quarter, the tax per barrel would equal 50 percent of the amount by which the average Brent crude oil price for that quarter exceeds the average price for 2025, with the 2025 price adjusted for inflation in later years. Money collected would go into a new Treasury trust fund and be paid back to individual taxpayers as a refundable gasoline price rebate credit. The rebate would be reduced for people with adjusted gross income above $75,000 (single), $112,500 (head of household), or $150,000 (joint), and would require a valid Social Security number.

Full text and official record on Congress.gov

Sponsors

• Ro Khanna Democrat sponsor
• 27 cosponsors