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Windfall Profits Tax on Crude Oil and Rebates for Citizens.

This act introduces a new windfall profits tax on large oil companies that extract or import crude oil. The collected funds are intended to be rebated to individual taxpayers as a credit to help offset gasoline costs. The goal is to alleviate financial burdens associated with high gas prices.
Key points
New tax for large oil companies: Companies extracting or importing over 300,000 barrels of crude oil daily will pay an additional tax on profits when Brent crude oil prices exceed the 2015-2019 average.
Money rebates for citizens: Funds collected will be returned to citizens as tax credits to help cover gasoline expenses.
Rebate limitations: The rebate amount will depend on income, with higher-income individuals receiving reduced or no rebates.
Prompt payments: Rebates are intended to be paid within 90 days after the end of the quarter in which the tax was collected.
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Expired
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Additional Information
Print number: 117_HR_7061
Sponsor: Rep. Khanna, Ro [D-CA-17]
Process start date: 2022-03-11
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Big Oil Windfall Profits Tax Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7061.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-03-11.

What are the main provisions?

Key points include:

  • New tax for large oil companies: Companies extracting or importing over 300,000 barrels of crude oil daily will pay an additional tax on profits when Brent crude oil prices exceed the 2015-2019 average.
  • Money rebates for citizens: Funds collected will be returned to citizens as tax credits to help cover gasoline expenses.
  • Rebate limitations: The rebate amount will depend on income, with higher-income individuals receiving reduced or no rebates.
  • Prompt payments: Rebates are intended to be paid within 90 days after the end of the quarter in which the tax was collected.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Khanna, Ro [D-CA-17].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Economy