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Oil Windfall Profits Tax and Rebates for Citizens

This act introduces a new tax on the extraordinary profits of oil companies extracting or importing crude oil in the U.S. The collected funds are intended to be rebated to citizens as tax credits, aiming to alleviate high fuel prices. The goal is to directly return a portion of oil companies' profits to consumers.
Key points
A new 50% tax on oil company profits when Brent crude oil prices exceed the 2015-2019 average, adjusted for inflation.
The tax applies to companies extracting or importing over 300,000 barrels of crude oil daily.
Collected funds will be rebated to citizens as a tax credit, paid out quarterly.
The rebate amount will depend on collected revenues and the number of eligible individuals, with a higher rebate for joint filers.
Rebates will be reduced for higher-income individuals (above $75,000 for singles, $150,000 for joint filers).
Rebates will not be subject to reduction or offset for other federal debts.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_3802
Sponsor: Sen. Whitehouse, Sheldon [D-RI]
Process start date: 2022-03-10
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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_S_3802.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-03-10.

What are the main provisions?

Key points include:

  • A new 50% tax on oil company profits when Brent crude oil prices exceed the 2015-2019 average, adjusted for inflation.
  • The tax applies to companies extracting or importing over 300,000 barrels of crude oil daily.
  • Collected funds will be rebated to citizens as a tax credit, paid out quarterly.
  • The rebate amount will depend on collected revenues and the number of eligible individuals, with a higher rebate for joint filers.
  • Rebates will be reduced for higher-income individuals (above $75,000 for singles, $150,000 for joint filers).
  • Rebates will not be subject to reduction or offset for other federal debts.
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 Sen. Whitehouse, Sheldon [D-RI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Economy