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Big Oil Windfall Profits Tax Act
12/29/2022, 10:33 PM
Congressional Summary of S 3802
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.
Read the Full Bill
Current Status of Bill S 3802
Bill S 3802 is currently in the status of Bill Introduced since March 10, 2022. Bill S 3802 was introduced during Congress 117 and was introduced to the Senate on March 10, 2022. Bill S 3802's most recent activity was Read twice and referred to the Committee on Finance. as of March 10, 2022
Bipartisan Support of Bill S 3802
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
17Democrat Cosponsors
16Republican Cosponsors
0Unaffiliated Cosponsors
1Policy Area and Potential Impact of Bill S 3802
Primary Policy Focus
TaxationPotential Impact Areas
- 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
Alternate Title(s) of Bill S 3802
Big Oil Windfall Profits Tax Act
Big Oil Windfall Profits Tax Act
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.
Comments
Sponsors and Cosponsors of S 3802
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