Big Oil Windfall Profits Tax Act

This bill would create a new federal excise tax on crude oil produced in or imported into the United States by companies that extract and import more than 300,000 barrels per day on average. The tax for each quarter would equal 50 percent of the amount by which the average Brent crude oil price that quarter exceeds the 2025 average price, with that baseline adjusted for inflation after 2026. The money collected would go into a new trust fund called the Protect Consumers from Gas Hikes Fund. That fund would pay for a refundable tax credit, called a gasoline price rebate, for individual taxpayers, which would phase down for people with incomes above $75,000 ($150,000 for joint filers) and would require a valid Social Security number. The bill would apply to oil removed or imported after December 31, 2025, and would also provide payments to U.S. territories.

Full text and official record on Congress.gov

Sponsors

• Sheldon Whitehouse Democrat sponsor
• 13 cosponsors