Big Oil Windfall Profits Tax Act

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 7960 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 7960 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. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES March 17, 2026 Mr. Khanna (for himself, Mr. Magaziner, and Ms. Tlaib) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ 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. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Big Oil Windfall Profits Tax Act''. SEC. 2. WINDFALL PROFITS TAX. (a) In General.--Subtitle E of the Internal Revenue Code of 1986 is amended by adding at the end …