Big Oil Windfall Profits Tax Act
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Summary
This bill imposes a federal excise tax on crude oil producers and importers when oil prices exceed a baseline threshold, set at 50 percent of the price increase above 2025 average prices. Revenue from the tax is rebated to individual taxpayers through a refundable tax credit, with higher rebates for joint filers and phase-out for higher-income earners. The tax applies to covered taxpayers (those extracting or importing over 300,000 barrels daily) and takes effect for crude oil removed or entered after December 31, 2025.
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How your representatives voted
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