Big Oil Windfall Profits Tax Act
Latest action · Mar 10, 2022 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 10, 2022
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Big Oil Windfall Profits Tax Act
This bill imposes an excise tax on the windfall profits of crude oil on taxpayers who extracted and imported more than 300,000 barrels (a barrel equals 42 U.S. gallons) of taxable crude oil (i.e., crude oil, crude oil condensates, and natural gasoline) in 2019, or who extracted and imported that amount in the current calendar quarter.
The bill requires rebates of the tax collected to be paid to individual taxpayers. The bill establishes the Protect Consumers from Gas Hikes Fund to finance such rebates.
Cosponsors 17
Members who signed on, in the order they did. Signatures ran from Mar 10, 2022 to Jul 19, 2022; 11 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| I-VT | Bernard Sanders | Original | Mar 10, 2022 |
| D-NJ | Cory A. Booker | Original | Mar 10, 2022 |
| D-MA | Edward J. Markey | Original | Mar 10, 2022 |
| D-MA | Elizabeth Warren | Original | Mar 10, 2022 |
| D-RI | Jack Reed | Original | Mar 10, 2022 |
| D-OR | Jeff Merkley | Original | Mar 10, 2022 |
| D-CO | Michael F. Bennet | Original | Mar 10, 2022 |
| D-CT | Richard Blumenthal | Original | Mar 10, 2022 |
| D-PA | Robert P. Casey Jr. | Original | Mar 10, 2022 |
| D-OH | Sherrod Brown | Original | Mar 10, 2022 |
| D-WI | Tammy Baldwin | Original | Mar 10, 2022 |
| D-MI | Debbie Stabenow | Mar 16, 2022 | |
| D-CA | Alex Padilla | Mar 17, 2022 | |
| D-GA | Raphael G. Warnock | Mar 23, 2022 | |
| D-CT | Christopher Murphy | Mar 29, 2022 | |
| D-CA | Dianne Feinstein | Mar 30, 2022 | |
| D-VA | Tim Kaine | Jul 19, 2022 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Mar 10, 2022 |
Actions 2
Everything that happened, newest first.
- Mar 10, 2022Introduced in Senate
- Mar 10, 2022Read twice and referred to the Committee on Finance.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| IF12064 | Crude Oil Windfall Profits Taxes: Background and Policy Considerations | Resource | Mar 23, 2022 |
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 7061 | Big Oil Windfall Profits Tax Act | Identical bill | Mar 11, 2022 |
| HR 7099 | Stop Gas Price Gouging Tax and Rebate Act | Related bill | Mar 16, 2022 |
| HR 7103 | Stop Profiting Off Putin’s War Act | Related bill | Mar 16, 2022 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to impose a windfall profits excise tax on crude oil and to rebate the tax collected back to individual taxpayers, and for other purposes.
- Short Title(s) as Introduced
- Big Oil Windfall Profits Tax Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Administrative law and regulatory procedures
- Consumer affairs
- Corporate finance and management
- Department of the Treasury
- Energy prices
- Government information and archives
- Government trust funds
- Income tax credits
- Inflation and prices
- Motor fuels
- Oil and gas
- Sales and excise taxes
- Taxation
- U.S. territories and protectorates
Text 1
Each version as it was printed, newest first.
- Mar 10, 2022Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
