S 3802
117th Congress
Senate
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
U.S. territories and protectorates
Big Oil Windfall Profits Tax Act
Introduced: March 10, 2022
Introduced by:
Whitehouse, Sheldon
Democratic
· Rhode Island
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 10, 2022
Read twice and referred to the Committee on Finance.
Mar 10, 2022
Introduced in Senate
Plain-English 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.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1