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).
Status:
Expired
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