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Oil Company Profit Tax and Citizen Rebates

This act introduces a new tax on the excessive profits of large oil companies that increased after February 24, 2022. The collected funds are intended to be returned to citizens as tax credits to help them cover the costs of high gasoline prices. The goal is to reduce financial burdens on households.
Key points
A new tax of 50% (or 75% if prices are raised) on the profits of large oil companies when gasoline prices exceed the level from February 24, 2022.
Money from the tax will go into a special fund, from which rebates will be paid to citizens.
Rebates will be granted as a tax credit, with the possibility of advance payments, for individuals meeting specific income criteria.
The tax and rebates are set to be in effect until the end of 2023.
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Expired
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Additional Information
Print number: 117_HR_7103
Sponsor: Rep. Maloney, Sean Patrick [D-NY-18]
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 Profiting Off Putin’s War Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7103.

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:

  • A new tax of 50% (or 75% if prices are raised) on the profits of large oil companies when gasoline prices exceed the level from February 24, 2022.
  • Money from the tax will go into a special fund, from which rebates will be paid to citizens.
  • Rebates will be granted as a tax credit, with the possibility of advance payments, for individuals meeting specific income criteria.
  • The tax and rebates are set to be in effect until the end of 2023.
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. Maloney, Sean Patrick [D-NY-18].

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