A Democratic bill with 12 Democratic cosponsors · See all 13 cosponsors
Last activity — Read twice and referred to the Committee on Finance.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
The Big Oil Windfall Profits Tax Act proposes to amend the Internal Revenue Code of 1986. It imposes an excise tax on covered taxpayers for each barrel of taxable crude oil extracted or imported. The tax rate is based on a percentage of the excess price of Brent crude oil compared to a specific period in 2025. The revenue collected from this tax is intended to be used for gasoline price rebates for eligible individuals. These rebates are provided as a credit against income taxes.
Yes· 3 of 7
- Scored +8
Does this raise the taxes companies pay?
The bill imposes a new excise tax on large oil companies extracting or importing crude oil when prices exceed a set threshold.
- Scored +5
Would households on low incomes be better off under this?
The gasoline price rebate provides direct financial relief to eligible individuals regardless of high income.
- Scored +4
Would middle-income households be better off under this?
The gasoline price rebate provides tax credits that offset rising fuel costs for many households.
The opposite
- Scored -5
Would business owners be better off under this?
Large oil producers will be subject to a new excise tax on their profits.
- Scored -3
Would high-income households be better off under this?
The gasoline price rebate credit is reduced for individuals with high adjusted gross incomes.
- Scored -2
Is this likely to grow the economy?
The imposition of a windfall tax on oil production may discourage large-scale resource extraction.
Who it would affect, and how
Potential Positive Impacts for People
-
Gasoline Price Rebates: Eligible individuals can receive a credit against their taxes based on a rebate amount determined by the Secretary (Section 3(a)).
-
Increased Rebate for Joint Returns: Individuals filing a joint return may receive a gasoline price rebate amount that is 150 percent of the amount determined for other taxpayers (Section 3(b)(2)).
-
Outreach Assistance: The Secretary is required to run a comprehensive outreach program to help taxpayers learn about their eligibility and how to claim the credits (Section 3(f)).
-
Support for U.S. Possessions: The Secretary of the Treasury will pay amounts to U.S. possessions to cover losses or provide aggregate benefits to residents (Section 3(b)).
Potential Negative Impacts for People
-
Tax on Crude Oil: A windfall profits excise tax is imposed on covered taxpayers for each barrel of taxable crude oil extracted or imported (Section 2(a)).
-
Income-Based Credit Reductions: The gasoline price rebate credit is reduced based on an individual's adjusted gross income for amounts exceeding specific thresholds (Section 3(b)(3)).
-
Requirements for Identification Numbers: To receive the full rebate amount, taxpayers must include a valid identification number, such as a social security number, on their tax return (Section 3(d)(2)).
-
Exclusions for Certain Individuals: Nonresident aliens, dependents of other taxpayers, and estates or trusts are not considered eligible individuals for the rebate (Section 3(c)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Economy And Finance
- Does this raise the taxes companies pay? — The bill imposes a new excise tax on large oil companies extracting or importing crude oil when prices exceed a set threshold. Is this likely to grow the economy? — The imposition of a windfall tax on oil production may discourage large-scale resource extraction.
- Demographic And Interest Groups
- Would households on low incomes be better off under this? — The gasoline price rebate provides direct financial relief to eligible individuals regardless of high income. Would middle-income households be better off under this? — The gasoline price rebate provides tax credits that offset rising fuel costs for many households. Would people in cities be better off under this? — Gasoline rebates can help mitigate the impact of fuel costs on urban household budgets. Would business owners be better off under this? — Large oil producers will be subject to a new excise tax on their profits. Would high-income households be better off under this? — The gasoline price rebate credit is reduced for individuals with high adjusted gross incomes.
- Social Issues And Justice
- Is this likely to lift people out of poverty? — The bill provides gasoline price rebates to individual taxpayers to offset costs.
- Environment Energy And Infrastructure
- Does this reduce how much oil, gas and coal is produced? — The windfall tax on crude oil may reduce the incentive for large-scale oil extraction and import.
- Governance And Ideology
- Does this make what the government does easier for the public to see? — The bill requires the Secretary of the Treasury to run an outreach program regarding the tax credits.
- 5/12/2026
- 1 Cosponsor added.
- 3/18/2026
- 1 Cosponsor added.
- 3/17/2026
- Read twice and referred to the Committee on Finance.
- 11 Cosponsors added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Tammy BaldwinDemocrat · Wisconsin
Richard BlumenthalDemocrat · Connecticut
Cory BookerDemocrat · New Jersey
Mazie HironoDemocrat · Hawaii
Timothy KaineDemocrat · Virginia
Edward MarkeyDemocrat · Massachusetts
Christopher MurphyDemocrat · Connecticut
Jeff MerkleyDemocrat · Oregon
John ReedDemocrat · Rhode Island
Bernie SandersIndependent · Vermont
Tina SmithDemocrat · Minnesota
Peter WelchDemocrat · Vermont
Elizabeth WarrenDemocrat · Massachusetts