Big Oil Windfall Profits Tax Act
Official title: 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.
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Referred to the House Committee on Ways and Means.
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.
- Introduced in House Formatted Text PDF Formatted XML
Cite this page
U.S. Congress. (2026). H.R. 1014: Big Oil Windfall Profits Tax Act. 118th Congress. Open America. https://openamerica.io/bill/118-HR-1014/
"H.R. 1014: Big Oil Windfall Profits Tax Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-1014/.
H.R. 1014, 118th Cong. (2026), https://openamerica.io/bill/118-HR-1014/.
[H.R. 1014: Big Oil Windfall Profits Tax Act](https://openamerica.io/bill/118-HR-1014/)