HR 7099 United States House · 117th Congress

Stop Gas Price Gouging Tax and Rebate Act

Summary
Stop Gas Price Gouging Tax and Rebate Act This bill imposes an excise tax of 50% of the excess of the windfall profit of a producer of crude oil (including crude oil condensates and natural gasoline) that has an average daily worldwide production of crude oil of at least 300,000 barrels for the taxable year, and had gross receipts in excess of $1 billion for its last taxable year during 2005. The bill defines windfall profit as the excess of the adjusted taxable income of such producer for taxable year 2022 over the reasonably inflated average profit for such taxable year. The bill requires payment of energy price rebates to eligible individuals.
Bill status in committee 1 of 4 stages cleared
Introduction
Mar 2022
Committee Review
Floor Vote
President
Introduced Mar 16, 2022 Last action Mar 16, 2022
Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
2
Key actions
0
Committee
1
Mar 16, 2022
Committee
Referred to the House Committee on Ways and Means.
lower
Mar 16, 2022
Introduced
Introduced in House
lower
1 primary · 47 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Peter A. DeFazio
Peter A. DeFazio
DDemocratic
OR
4
Co
Photo of Adam B. Schiff
Adam B. Schiff
DDemocratic
CA
n/a
Co
Photo of Adam Smith
Adam Smith
DDemocratic
WA
9
Co
Photo of Alan S. Lowenthal
Alan S. Lowenthal
DDemocratic
CA
47
Co
Photo of André Carson
André Carson
DDemocratic
IN
7
Co
Photo of Angie Craig
Angie Craig
DDemocratic
MN
2
Co
Photo of Betty McCollum
Betty McCollum
DDemocratic
MN
4
Co
Photo of Bonnie Watson Coleman
Bonnie Watson Coleman
DDemocratic
NJ
12
Co
Photo of Brad Sherman
Brad Sherman
DDemocratic
CA
32
Co
Photo of C. A. Dutch Ruppersberger
C. A. Dutch Ruppersberger
DDemocratic
MD
2
Co
Photo of Chellie Pingree
Chellie Pingree
DDemocratic
ME
1