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HR 7926 United States House · 117th Congress

Federal Gas Tax Suspension and Windfall Profits Tax Act of 2022

Summary
Federal Gas Tax Suspension and Windfall Profits Tax Act of 2022 This bill suspends the excise tax on gasoline (other than aviation gasoline) until December 31, 2023. It also imposes a 50% tax on the excess profits of certain large oil companies in the first taxable year after 2021.
Issues: ✓ Budget & TaxesSupports Budget & TaxesImposes windfall profits tax on oil companies, closing a loophole to strengthen revenue collection while suspending gas tax temporarily.90% confidence ✗ TransportationOpposes TransportationSuspends federal gas tax funding for transportation infrastructure, reducing revenue for road projects and defunding transportation programs.80% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
May 2022
Committee Review
Floor Vote
President
Introduced May 31, 2022 Last action May 31, 2022
Floor votes

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Full legislative history

Actions timeline

Total actions
2
Key actions
0
Committee
1
May 31, 2022
Committee
Referred to the House Committee on Ways and Means.
lower
May 31, 2022
Introduced
Introduced in House
lower
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Adam B. Schiff
Adam B. Schiff
DDemocratic
CA
n/a