Rep. Khanna Introduces Bill to Tax Big Oil Profits and Send Rebates to Americans
This bill is currently in the early stages of the legislative process and is being reviewed by the House Committee on Ways and Means. No further actions are scheduled at this time. The bill is considered active but has not yet moved to a vote.
Companion bill: Sen. Whitehouse Introduces Big Oil Windfall Profits Tax Act to Send Rebates to Taxpayers →This bill faces strong opposition from the oil industry and many members of Congress who believe it might actually make gas more expensive.
This bill’s path across every version that has carried it.
Reintroduced
Reintroduced from H.R. 1014 (118th), which died when its Congress ended.
H.R. 1014 (118th) →Scores run from -100 (strongly harmful) to +100 (strongly beneficial) for each group, combining impact, certainty, scope, and duration ratings of 1-5. How impact scoring works
Small business owners in the oil and energy sector could see higher costs passed down from large oil companies subject to the tax. Businesses that rely heavily on fuel, such as trucking, agriculture, and delivery services, may face increased operating costs if oil companies pass the tax along in the form of higher wholesale fuel prices, though the rebate partially offsets this for lower-income owners.
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
US Senator Sheldon Whitehouse and Congressman Ro Khanna reintroduced the Big Oil Windfall Profits Tax Act. The bill targets firms producing 300,000+ barrels daily, seeking to raise $33 billion annually for consumer rebates to offset gas prices nearing $4 per gallon.
Lawmakers led by Sheldon Whitehouse and Ro Khanna have reintroduced the Big Oil Windfall Profits Tax Act. The measure seeks to impose a 50% tax on the difference between current oil prices and last year's average, returning revenue to consumers through quarterly rebates.
As gas prices spike due to conflict in the Middle East, a new poll shows overwhelming support for the Big Oil Windfall Profits Tax Act. The bill would tax large oil companies' excess gains and distribute the funds to Americans struggling with high energy costs.
No votes recorded for this bill yet.
Document Type
Congressional Bill
Official Title
Big Oil Windfall Profits Tax Act
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