Big Oil Windfall Profits Tax Act

Hozzl · 2022-12-29T21:48:12Z

Explore the details of House Bill 7061 Big Oil Windfall Profits Tax Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/29/2022, 9:48 PM

Summary of Bill HR 7061

Bill 117 hr 7061, also known as the Big Oil Windfall Profits Tax Act, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to impose a tax on the windfall profits of big oil companies.

The bill aims to address the issue of rising gas prices and the excessive profits being made by oil companies. It proposes a tax on the excess profits earned by these companies when the price of oil exceeds a certain threshold. This tax would be used to fund renewable energy projects and provide relief to consumers facing high energy costs.

Supporters of the bill argue that it is necessary to hold big oil companies accountable for their profits and to incentivize them to invest in cleaner, more sustainable energy sources. They believe that the tax will help reduce the country's dependence on fossil fuels and combat climate change. Opponents of the bill, however, argue that it will stifle economic growth and discourage investment in the oil industry. They believe that the tax will ultimately lead to higher gas prices for consumers and could have negative consequences for the economy as a whole. Overall, the Big Oil Windfall Profits Tax Act is a controversial piece of legislation that seeks to address the issue of excessive profits in the oil industry. Its impact on the economy and the environment remains to be seen as it makes its way through the legislative process.

Congressional Summary of HR 7061

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.

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Current Status of Bill HR 7061

Bill HR 7061 is currently in the status of Bill Introduced since March 11, 2022. Bill HR 7061 was introduced during Congress 117 and was introduced to the House on March 11, 2022. Bill HR 7061's most recent activity was Referred to the House Committee on Ways and Means. as of March 11, 2022

Bipartisan Support of Bill HR 7061

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Republican Cosponsors

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Policy Area and Potential Impact of Bill HR 7061

Primary Policy Focus

Taxation

Potential Impact Areas

Administrative law and regulatory proceduresConsumer affairsCorporate finance and managementDepartment of the TreasuryEnergy pricesGovernment information and archivesGovernment trust fundsIncome tax creditsInflation and pricesMotor fuelsOil and gasSales and excise taxesU.S. territories and protectorates

Alternate Title(s) of Bill HR 7061

Big Oil Windfall Profits Tax ActBig Oil Windfall Profits Tax ActTo 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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