3.0.0 7103 2022-12-29T22:03:50Z 2022-12-29T22:03:50Z House HR 2022-03-16 117 [Congressional Record Volume 168, Number 47 (Wednesday, March 16, 2022)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SEAN PATRICK MALONEY of New York:H.R. 7103.Congress has the power to enact this legislation pursuantto the following:Article I, section 8, Clauses 1 and 18 of the United StatesConstitution, to provide for the general welfare and make alllaws necessary and proper to carry out the powers ofCongress.[Page H3776]]]> hswm00 Ways and Means Committee House Standing Referred to 2022-03-16T14:01:20Z Big Oil Windfall Profits Tax Act 117 7061 HR 2022-03-11 Referred to the House Committee on Ways and Means. Related bill CRS Stop Gas Price Gouging Tax and Rebate Act 117 7099 HR 2022-03-16 Referred to the House Committee on Ways and Means. Related bill CRS Big Oil Windfall Profits Tax Act 117 3802 S 2022-03-10 Read twice and referred to the Committee on Finance. Related bill CRS 2022-03-16 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2022-03-16 Introduced in House IntroReferral Intro-H 9 Library of Congress 2022-03-16 Introduced in House IntroReferral 1000 9 Library of Congress M001185 Rep. Maloney, Sean Patrick [D-NY-18] Sean Maloney D NY Patrick 18 N Taxation Administrative law and regulatory procedures Conflicts and wars Corporate finance and management Department of the Treasury Energy prices Europe Government information and archives Government trust funds Income tax credits Income tax deductions Military operations and strategy Motor fuels Oil and gas Russia Sales and excise taxes Tax administration and collection, taxpayers Ukraine Wages and earnings Taxation 00 2022-03-16 Introduced in House 2022-03-22T16:23:16Z Stop Profiting Off Putin's War Act

This bill imposes a 50% excise tax through 2023 on the adjusted taxable income of certain major integrated oil companies during calendar quarters when the national average price of unleaded gasoline is equal to or greater than the national average price of unleaded gasoline on February 24, 2022, the day of the Russian invasion of Ukraine. The rate of such tax is increased to 75% for companies that raise prices in response to this new tax.

The bill requires tax revenues to be paid as rebates to eligible individuals and establishes the Gas Profit Recovery Fund to finance the payment of such rebates.

]]> Stop Profiting Off Putin’s War Act Display Title Stop Profiting Off Putin’s War Act Short Title(s) as Introduced Stop Profiting Off Putin’s War Act Introduced in House IH Official Title as Introduced To amend the Internal Revenue Code of 1986 to establish an excise tax on the profits of oil companies and distribute them as a dividend to taxpayers, and for other purposes. Introduced in House IH Introduced in House 2022-03-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr7103ih/xml/BILLS-117hr7103ih.xml 2022-03-16 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.