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.
Summary
What This Bill Does
The bill creates short title This Act may be cited as the Big Oil Windfall Profits Tax Act, provides windfall profits tax Subtitle E of the Internal Revenue Code of 1986 is amended by adding at the end thereof the following new chapter: 56Windfall profits on crude oil Sec, and requires imposition of tax In addition to any other tax imposed under this title, in each calendar quarter there is hereby imposed on any covered taxpayer an excise tax at the rate determined under subsection (b) on—. It relies on compliance mandates, tax rate changes, appropriations, and definition changes. The main policy areas are Oil & Gas, Energy, Finance, and Housing.
Who Benefits and How
Oil and gas producers, refiners, or users affected by the bill could face reduced risk, Public beneficiaries or protected communities affected by the clause could face reduced risk, and Immigrants, asylum seekers, and border communities affected by the bill could face lower compliance burdens.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties, Oil and gas producers, refiners, or users affected by the bill would take on compliance duties, and Homeowners, tenants, or housing market participants affected by the bill would take on compliance duties.
Key Provisions
- Creates short title This Act may be cited as the Big Oil Windfall Profits Tax Act.
- Provides windfall profits tax Subtitle E of the Internal Revenue Code of 1986 is amended by adding at the end thereof the following new chapter: 56Windfall profits on crude oil Sec.
- Requires imposition of tax In addition to any other tax imposed under this title, in each calendar quarter there is hereby imposed on any covered taxpayer an excise tax at the rate determined under subsection (b) on—...
- Provides definitions and special rules.
- Creates gasoline price rebates Subchapter B of chapter 65 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 6434.Gasoline price rebates (a)In generalIn the case of an...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill creates short title This Act may be cited as the Big Oil Windfall Profits Tax Act, provides windfall profits tax Subtitle E of the Internal Revenue Code of 1986 is amended by adding at the end thereof the following new chapter: 56Windfall profits on crude oil Sec, and requires imposition of tax In addition to any other tax imposed under this title, in each calendar quarter there is hereby imposed on any covered taxpayer an excise tax at the rate determined under subsection (b) on—.
Key Policy Areas
Oil & Gas, Energy, Finance, Housing
Primary Purpose
The bill creates short title This Act may be cited as the Big Oil Windfall Profits Tax Act, provides windfall profits tax Subtitle E of the Internal Revenue Code of 1986 is amended by adding at the end thereof the following new chapter: 56Windfall profits on crude oil Sec, and requires imposition of tax In addition to any other tax imposed under this title, in each calendar quarter there is hereby imposed on any covered taxpayer an excise tax at the rate determined under subsection (b) on—.
Policy Domains
Whole bill
Identified Gains
- Oil and gas producers, refiners, or users affected by the bill
- Public beneficiaries or protected communities affected by the clause
- Immigrants, asylum seekers, and border communities affected by the bill
- Natural gas companies and customers affected by the bill
- Foreign businesses and cross-border trade participants affected by the bill
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Oil and gas producers, refiners, or users affected by the bill
- Homeowners, tenants, or housing market participants affected by the bill
- Public beneficiaries or protected communities affected by the clause
- Natural gas companies and customers affected by the bill
Sponsors
Legislative Progress
IntroducedMr. Whitehouse (for himself, Mr. Padilla, Mr. Merkley, Mr. Brown, …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
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