In CommitteeFiled Mar 17, 2026
Sponsor: Rep. Khanna, Ro [D-CA-17] (D)
Latest Action
Referred to the House Committee on Ways and Means.
Mar 17, 2026
Summary
The Big Oil Windfall Profits Tax Act adds a new excise tax on each barrel of crude oil extracted or imported by companies that handle more than 300,000 barrels a day on average. The tax is calculated as 50% of the amount by which the current Brent price exceeds the 2025 average Brent price, with an inflation adjustment. Collected revenues are returned to eligible individual taxpayers as a gasoline price rebate credit.
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