Stop Profiting Off Putin’s War Act

Hozzl · 2022-12-29T22:03:50Z

Explore the details of House Bill 7103 Stop Profiting Off Putin’s War 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, 10:03 PM

Summary of Bill HR 7103

Bill 117 hr 7103, also known as the Stop Profiting Off Putin's War Act, is a piece of legislation introduced in the US Congress with the aim of preventing individuals and entities from profiting off of the ongoing conflict in Ukraine involving Russian forces. The bill specifically targets those who are providing financial support to the Russian government or its military operations in Ukraine.

The Stop Profiting Off Putin's War Act includes provisions that would impose sanctions on individuals and entities that are found to be aiding the Russian government in any way, including through the provision of financial support or resources. These sanctions could include asset freezes, travel bans, and other measures designed to prevent those individuals and entities from continuing to support the Russian government.

Additionally, the bill includes measures to increase transparency and accountability in financial transactions, particularly those involving Russian entities. This is intended to prevent individuals and entities from using financial loopholes to continue supporting the Russian government while avoiding detection. Overall, the Stop Profiting Off Putin's War Act is aimed at sending a clear message that the United States will not tolerate individuals and entities profiting off of the conflict in Ukraine. By imposing sanctions and increasing transparency in financial transactions, the bill seeks to hold those who support the Russian government accountable for their actions.

Congressional Summary of HR 7103

Stop Profiting Off Putin's War Act

This bill imposes a 50% excise tax through 2023 on the adjusted taxable income of certain major integrated oil companies during calendar quarters when the national average price of unleaded gasoline is equal to or greater than the national average price of unleaded gasoline on February 24, 2022, the day of the Russian invasion of Ukraine. The rate of such tax is increased to 75% for companies that raise prices in response to this new tax.

The bill requires tax revenues to be paid as rebates to eligible individuals and establishes the Gas Profit Recovery Fund to finance the payment of such rebates.

Read the Full Bill

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Current Status of Bill HR 7103

Bill HR 7103 is currently in the status of Bill Introduced since March 16, 2022. Bill HR 7103 was introduced during Congress 117 and was introduced to the House on March 16, 2022. Bill HR 7103's most recent activity was Referred to the House Committee on Ways and Means. as of March 16, 2022

Bipartisan Support of Bill HR 7103

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 HR 7103

Primary Policy Focus

Taxation

Potential Impact Areas

- Administrative law and regulatory procedures

- Conflicts and wars

- Corporate finance and management

- Department of the Treasury

- Energy prices

- Europe

- Government information and archives

- Government trust funds

- Income tax credits

- Income tax deductions

- Military operations and strategy

- Motor fuels

- Oil and gas

- Russia

- Sales and excise taxes

- Tax administration and collection, taxpayers

- Ukraine

- Wages and earnings

Alternate Title(s) of Bill HR 7103

Stop Profiting Off Putin’s War Act

To amend the Internal Revenue Code of 1986 to establish an excise tax on the profits of oil companies and distribute them as a dividend to taxpayers, and for other purposes.