118th Congress Taxation
H.R. 1014: Big Oil Windfall Profits Tax Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Jamaal Bowman D-NYOriginal
- Cori Bush D-MOOriginal
- Nanette Barragán D-CAOriginal
- Yvette Clarke D-NYOriginal
- Jared Huffman D-CAOriginal
- Mike Levin D-CAOriginal
- Seth Magaziner D-RIOriginal
- Jerrold Nadler D-NYOriginal
- Mark Pocan D-WIOriginal
- Janice Schakowsky D-ILOriginal
- Dina Titus D-NVOriginal
- Mark Takano D-CAOriginal
- Rosa DeLauro D-CT
- Steve Cohen D-TN
- Gregorio Casar D-TX
- Dan Goldman D-NY
- Katie Porter D-CA
- James McGovern D-MA
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Other bills by Ro Khanna
History
- Introduced in the House by Ro Khanna.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Ways and Means.