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Big Oil Windfall Tax and Rebates for Citizens to Offset High Gas Prices

This Act imposes a new excise tax on the windfall profits of the largest crude oil companies, both domestic producers and importers. All revenue collected from this tax is dedicated to a new fund and must be rebated directly to individual taxpayers through a refundable tax credit. This measure aims to provide financial relief to citizens facing high gasoline prices, with the rebate amount limited for high-income earners.
Key points
New Tax: A 50% excise tax on crude oil profits when the price of Brent crude exceeds the inflation-adjusted average price from 2015-2019.
Targeted at Large Companies: The tax applies only to companies that extract or import more than 300,000 barrels of crude oil daily.
Direct Rebates: All tax revenue is channeled into the 'Protect Consumers from Gas Hikes Fund' and returned to eligible individuals as a 'Gasoline Price Rebate' tax credit.
Income Limits: The rebate is phased out for individuals with adjusted gross income above $75,000 ($150,000 for joint filers).
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Additional Information
Print number: 118_S_408
Sponsor: Sen. Whitehouse, Sheldon [D-RI]
Process start date: 2023-02-14
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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 118_S_408.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-02-14.

What are the main provisions?

Key points include:

  • New Tax: A 50% excise tax on crude oil profits when the price of Brent crude exceeds the inflation-adjusted average price from 2015-2019.
  • Targeted at Large Companies: The tax applies only to companies that extract or import more than 300,000 barrels of crude oil daily.
  • Direct Rebates: All tax revenue is channeled into the 'Protect Consumers from Gas Hikes Fund' and returned to eligible individuals as a 'Gasoline Price Rebate' tax credit.
  • Income Limits: The rebate is phased out for individuals with adjusted gross income above $75,000 ($150,000 for joint filers).
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 2025-12-26.

CATEGORIES

Taxes Economy