S 4111 · 119th Congress

A bill 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' excess profits and uses the money collected to give rebates to everyday Americans. Here's how it works: Oil companies that extract or import more than 300,000 barrels of crude oil per day will pay an extra tax on each barrel when oil prices are unusually high. The tax ra…

Sponsor

Whitehouse, Sheldon (D-Rhode Island)

Introduced

2026-03-17

Policy area

Taxation