HR 7960 · 119th Congress

To amend the Internal Revenue Code of 1986 to impose a windfall profits excise tax on crude oil and to rebate the tax collected back to individual taxpayers, and for other purposes.

This bill creates a new tax on oil companies' windfall profits and uses the money collected to give rebates to everyday Americans. Here's how it works: whenever oil prices go above what they were in 2025, oil companies that extract or import more than 300,000 barrels per day have to pay a tax equal to 50% of that pr…

Sponsor

Khanna, Ro (D-California)

Introduced

2026-03-17

Policy area

Taxation