arrow_back Back to App

Big Oil Windfall Profits Tax and Consumer Rebates

This act introduces a new tax on the extraordinary profits of large oil companies when Brent crude oil prices exceed a certain level. The collected funds are intended to be returned to citizens as tax credits to help them cover fuel costs. The goal is to reduce the financial burden on consumers during periods of high gasoline prices.
Key points
A new 50% tax on windfall profits of oil companies when Brent crude oil prices exceed the 2015-2019 average, adjusted for inflation.
The tax applies to companies that extract or import over 300,000 barrels of crude oil daily.
Collected funds will go into a special fund, from which rebates will be issued to individual taxpayers.
Rebates will be provided as a tax credit, with the amount depending on collected funds and the number of eligible individuals.
Income limits apply for receiving the full rebate: $150,000 for joint filers, $112,500 for heads of household, and $75,000 for others.
The act includes special provisions for U.S. territories to ensure their residents also benefit from the rebates.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_1014
Sponsor: Rep. Khanna, Ro [D-CA-17]
Process start date: 2023-02-14
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

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 118_HR_1014.

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 2023-02-14.

What are the main provisions?

Key points include:

  • A new 50% tax on windfall profits of oil companies when Brent crude oil prices exceed the 2015-2019 average, adjusted for inflation.
  • The tax applies to companies that extract or import over 300,000 barrels of crude oil daily.
  • Collected funds will go into a special fund, from which rebates will be issued to individual taxpayers.
  • Rebates will be provided as a tax credit, with the amount depending on collected funds and the number of eligible individuals.
  • Income limits apply for receiving the full rebate: $150,000 for joint filers, $112,500 for heads of household, and $75,000 for others.
  • The act includes special provisions for U.S. territories to ensure their residents also benefit from the rebates.
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 2025-12-24.

CATEGORIES

Taxes Economy