Big Oil Windfall Profits Tax Act

Hozzl · 2022-12-29T22:33:32Z

Explore the details of Senate Bill 3802 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, 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.

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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

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3802

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 S 3802

Big Oil Windfall Profits Tax ActBig Oil Windfall Profits Tax ActA 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.

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