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Windfall Oil Tax and Rebates for Citizens

This act introduces a new windfall profits tax on large crude oil producers. The collected funds will be rebated to individual taxpayers as a credit against their taxes, aiming to alleviate the burden of high gas prices and support household finances. The goal is to mitigate the impact of rising fuel costs on daily expenses.
Key points
Large oil companies with over 300,000 barrels per day average production and over $1 billion in gross receipts will face a 50% windfall profits tax.
Citizens will receive rebates from this tax in the form of tax credits, distributed monthly throughout 2022.
The rebate amount will depend on collected revenues and the number of eligible individuals, with higher amounts for joint filers.
Rebates will be phased out for higher-income individuals (above $75,000 for singles, $112,500 for heads of household, $150,000 for joint filers).
These payments will be protected from garnishment and other legal processes, ensuring funds reach citizens directly.
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Additional Information
Print number: 117_HR_7099
Sponsor: Rep. DeFazio, Peter A. [D-OR-4]
Process start date: 2022-03-16
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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

Stop Gas Price Gouging Tax and Rebate Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7099.

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 2022-03-16.

What are the main provisions?

Key points include:

  • Large oil companies with over 300,000 barrels per day average production and over $1 billion in gross receipts will face a 50% windfall profits tax.
  • Citizens will receive rebates from this tax in the form of tax credits, distributed monthly throughout 2022.
  • The rebate amount will depend on collected revenues and the number of eligible individuals, with higher amounts for joint filers.
  • Rebates will be phased out for higher-income individuals (above $75,000 for singles, $112,500 for heads of household, $150,000 for joint filers).
  • These payments will be protected from garnishment and other legal processes, ensuring funds reach citizens directly.
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. DeFazio, Peter A. [D-OR-4].

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