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
Peter A. DeFazio
DDemocratic
Co
Adam B. Schiff
DDemocratic
Co
Adam Smith
DDemocratic
Co
Alan S. Lowenthal
DDemocratic
Co
André Carson
DDemocratic
Co
Angie Craig
DDemocratic
Co
Betty McCollum
DDemocratic
Co
Bonnie Watson Coleman
DDemocratic
Co
Brad Sherman
DDemocratic
Co
C. A. Dutch Ruppersberger
DDemocratic
Co
Chellie Pingree
DDemocratic
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