I 

117TH CONGRESS 

2D SESSION H. R. 7061 

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 11, 2022 

Mr. KHANNA 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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Big Oil Windfall Prof5 its Tax Act’’. 


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1 SEC. 2. WINDFALL PROFITS TAX. 

2 (a) IN GENERAL.—Subtitle E of the Internal Rev3 enue Code of 1986 is amended by adding at the end there4 of the following new chapter: 

5 ‘‘CHAPTER 56—WINDFALL PROFITS ON 

6 CRUDE OIL 

‘‘Sec. 5896. Imposition of tax. 

‘‘Sec. 5897. Definitions and special rules. 

7 ‘‘SEC. 5896. IMPOSITION OF TAX. 

8 ‘‘(a) IN GENERAL.—In addition to any other tax im9 posed under this title, in each calendar quarter there is 

10 hereby imposed on any covered taxpayer an excise tax at 

11 the rate determined under subsection (b) on— 

12 ‘‘(1) each barrel of taxable crude oil extracted 

13 by the taxpayer within the United States and re14 moved from the property of such taxpayer during 

15 the calendar quarter, and 

16 ‘‘(2) each barrel of taxable crude oil entered 

17 into the United States during the calendar quarter 

18 by the taxpayer for consumption, use, or 

19 warehousing. 

20 ‘‘(b) RATE OF TAX.— 

21 ‘‘(1) IN GENERAL.—The rate of tax imposed by 

22 this section on any barrel of taxable crude oil for 

23 any calendar quarter is the product of— 

24 ‘‘(A) 50 percent, and 


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1 ‘‘(B) the excess (if any) of— 

2 ‘‘(i) the average price of a barrel of 

3 Brent crude oil over the covered calendar 

4 quarter, and 

5 ‘‘(ii) the average price of a barrel of 

6 Brent crude oil over the period beginning 

7 on January 1, 2015, and ending on De8 cember 31, 2019. 

9 ‘‘(2) INFLATION ADJUSTMENT.— 

10 ‘‘(A) IN GENERAL.—In the case of a cal11 endar quarter beginning in any taxable year be12 ginning after 2022, the amount determined 

13 under paragraph (1)(B)(ii) shall be increased 

14 by an amount equal to— 

15 ‘‘(i) such dollar amount, multiplied by 

16 ‘‘(ii) the cost-of-living adjustment de17 termined under section 1(f)(3) for the cal18 endar year in which the taxable year be19 gins, determined by substituting ‘2021’ for 

20 ‘2016’ in subparagraph (A)(ii) thereof. 

21 ‘‘(B) ROUNDING.—If any dollar amount, 

22 after being increased under subparagraph (A), 

23 is not a multiple of $0.50, such dollar amount 

24 shall be rounded to the next lowest multiple of 

25 $0.01. 


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1 ‘‘(c) FRACTIONAL PART OF BARREL.—In the case of 

2 a fraction of a barrel, the tax imposed by subsection (a) 

3 shall be the same fraction of the amount of such tax im4 posed on the whole barrel. 

5 ‘‘SEC. 5897. DEFINITIONS AND SPECIAL RULES. 

6 ‘‘(a) DEFINITIONS.—For purposes of this chapter— 

7 ‘‘(1) COVERED TAXPAYER.— 

8 ‘‘(A) IN GENERAL.—The term ‘covered 

9 taxpayer’ means, with respect to any calendar 

10 quarter, any taxpayer if— 

11 ‘‘(i) the average daily number of bar12 rels of taxable crude oil extracted and im13 ported by the taxpayer for calendar year 

14 2019 exceeded 300,000 barrels, or 

15 ‘‘(ii) the average daily number of bar16 rels of taxable crude oil extracted and im17 ported by the taxpayer for the calendar 

18 quarter exceeds 300,000. 

19 ‘‘(B) AGGREGATION RULES.—All persons 

20 treated as a single employer under subsection 

21 (a) or (b) of section 52 or subsection (m) or (o) 

22 of section 414 shall be treated as one person for 

23 purposes of paragraph (1). 


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1 ‘‘(2) TAXABLE CRUDE OIL.—The term ‘taxable 

2 crude oil’ includes crude oil, crude oil condensates, 

3 and natural gasoline. 

4 ‘‘(3) BARREL.—The term ‘barrel’ means 42 

5 United States gallons. 

6 ‘‘(4) UNITED STATES.—The term ‘United 

7 States’ has the same meaning given such term under 

8 section 4612. 

9 ‘‘(b) WITHHOLDING AND DEPOSIT OF TAX.—The 

10 Secretary shall provide such rules as are necessary for the 

11 withholding and deposit of the tax imposed under section 

12 5896 on any taxable crude oil. 

13 ‘‘(c) RECORDS AND INFORMATION.—Each taxpayer 

14 liable for tax under section 5896 shall keep such records, 

15 make such returns, and furnish such information (to the 

16 Secretary and to other persons having an interest in the 

17 taxable crude oil) with respect to such oil as the Secretary 

18 may by regulations prescribe. 

19 ‘‘(d) RETURN OF WINDFALL PROFIT TAX.—The Sec20 retary shall provide for the filing and the time of such 

21 filing of the return of the tax imposed under section 5896. 

22 ‘‘(e) REGULATIONS.—The Secretary shall prescribe 

23 such regulations as may be necessary or appropriate to 

24 carry out the purposes of this chapter.’’. 


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1 (b) CLERICAL AMENDMENT.—The table of chapters 

2 for subtitle E of the Internal Revenue Code of 1986 is 

3 amended by adding at the end the following new item: 

‘‘CHAPTER 56. WINDFALL PROFIT ON CRUDE OIL.’’. 

4 (c) EFFECTIVE DATE.—The amendments made by 

5 this section shall apply to crude oil removed or entered 

6 after the date of the enactment of this Act, in calendar 

7 quarters ending after such date. 

8 SEC. 3. GASOLINE PRICE REBATES. 

9 (a) IN GENERAL.—Subchapter B of chapter 65 of the 

10 Internal Revenue Code of 1986 is amended by adding at 

11 the end the following new section: 

12 ‘‘SEC. 6433. GASOLINE PRICE REBATES. 

13 ‘‘(a) IN GENERAL.—In the case of an eligible indi14 vidual, there shall be allowed as a credit against the tax 

15 imposed by subtitle A for each taxable year beginning 

16 after the date of the enactment of the Big Oil Windfall 

17 Profits Tax Act, an amount equal to the sum of the gaso18 line price rebate amount for calendar quarters beginning 

19 in such taxable year. 

20 ‘‘(b) GASOLINE PRICE REBATE AMOUNT.—For pur21 poses of this section— 

22 ‘‘(1) IN GENERAL.—The term ‘gasoline price 

23 rebate amount’ means, with respect to any taxpayer 

24 for any calendar quarter beginning in a taxable year, 

25 an amount determined by the Secretary not later 


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1 than 30 days after the end of such calendar quarter 

2 taking into account the number of eligible individ3 uals and the amount of revenues in the Protect Con4 sumers from Gas Hikes Fund resulting from the tax 

5 imposed by section 5896 for the preceding calendar 

6 quarter. 

7 ‘‘(2) SPECIAL RULE FOR JOINT RETURNS.—In 

8 the case of an eligible individual filing a joint return, 

9 the gasoline price rebate amount shall be 150 per10 cent of the amount determined under paragraph (1) 

11 with respect to other taxpayers. 

12 ‘‘(3) LIMITATION BASED ON ADJUSTED GROSS

13 INCOME.—The amount of the credit allowed by sub14 section (a) (determined without regard to this sub15 section and subsection (e)) shall be reduced (but not 

16 below zero) by 5 percent of so much of the eligible 

17 individual’s adjusted gross income as exceeds— 

18 ‘‘(A) $150,000 in the case of a joint re19 turn, 

20 ‘‘(B) $112,500 in the case of a head of 

21 household, and 

22 ‘‘(C) $75,000 in any other case. 

23 ‘‘(c) ELIGIBLE INDIVIDUAL.—For purposes of this 

24 section, the term ‘eligible individual’ means any individual 

25 other than— 


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1 ‘‘(1) any nonresident alien individual, 

2 ‘‘(2) any individual who is a dependent of an3 other taxpayer for a taxable year beginning in the 

4 calendar year in which the individual’s taxable year 

5 begins, and 

6 ‘‘(3) an estate or trust. 

7 ‘‘(d) DEFINITIONS AND SPECIAL RULES.— 

8 ‘‘(1) DEPENDENT DEFINED.—For purposes of 

9 this section, the term ‘dependent’ has the meaning 

10 given such term by section 152. 

11 ‘‘(2) IDENTIFICATION NUMBER REQUIRE12 MENT.— 

13 ‘‘(A) IN GENERAL.—In the case of a re14 turn other than a joint return, the gasoline 

15 price rebate amount in subsection (b)(1) shall 

16 be treated as being zero unless the taxpayer in17 cludes the valid identification number of the 

18 taxpayer on the return of tax for the taxable 

19 year. 

20 ‘‘(B) JOINT RETURNS.—In the case of a 

21 joint return, the gasoline price rebate amount 

22 in subsection (b)(1) shall be treated as being— 

23 ‘‘(i) 50 percent of the amount other24 wise determined without regard to this 

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1 ber of only 1 spouse is included on the re2 turn of tax for the taxable year, and 

3 ‘‘(ii) zero if the valid identification 

4 number of neither spouse is so included. 

5 ‘‘(C) VALID IDENTIFICATION NUMBER.— 

6 For purposes of this paragraph, the term ‘valid 

7 identification number’ means a social security 

8 number issued to an individual by the Social 

9 Security Administration on or before the due 

10 date for filing the return for the taxable year. 

11 ‘‘(D) SPECIAL RULE FOR MEMBERS OF

12 THE ARMED FORCES.—Subparagraph (B) shall 

13 not apply in the case where at least 1 spouse 

14 was a member of the Armed Forces of the 

15 United States at any time during the taxable 

16 year and the valid identification number of at 

17 least 1 spouse is included on the return of tax 

18 for the taxable year. 

19 ‘‘(E) COORDINATION WITH CERTAIN AD20 VANCE PAYMENTS.—In the case of any payment 

21 determined pursuant to subsection (f)(6), a 

22 valid identification number shall be treated for 

23 purposes of this paragraph as included on the 

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1 tion number is available to the Secretary as de2 scribed in such subsection. 

3 ‘‘(F) MATHEMATICAL OR CLERICAL ERROR

4 AUTHORITY.—Any omission of a correct valid 

5 identification number required under this para6 graph shall be treated as a mathematical or 

7 clerical error for purposes of applying section 

8 6213(g)(2) to such omission. 

9 ‘‘(3) CREDIT TREATED AS REFUNDABLE.—The 

10 credit allowed by subsection (a) shall be treated as 

11 allowed by subpart C of part IV of subchapter A of 

12 chapter 1. 

13 ‘‘(e) COORDINATION WITH ADVANCE REFUNDS OF

14 CREDIT.— 

15 ‘‘(1) REDUCTION OF REFUNDABLE CREDIT.— 

16 The amount of the credit which would (but for this 

17 paragraph) be allowable under subsection (a) for any 

18 taxable year shall be reduced (but not below zero) by 

19 the aggregate refunds and credits made or allowed 

20 to the taxpayer (or, except as otherwise provided by 

21 the Secretary, any dependent of the taxpayer) under 

22 subsection (f) for such taxable year. Any failure to 

23 so reduce the credit shall be treated as arising out 

24 of a mathematical or clerical error and assessed ac25 cording to section 6213(b)(1). 


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1 ‘‘(2) JOINT RETURNS.—Except as otherwise 

2 provided by the Secretary, in the case of a refund 

3 or credit made or allowed under subsection (f) with 

4 respect to a joint return, half of such refund or cred5 it shall be treated as having been made or allowed 

6 to each individual filing such return. 

7 ‘‘(f) ADVANCE REFUNDS AND CREDITS.— 

8 ‘‘(1) IN GENERAL.—Subject to paragraphs (5) 

9 and (6), for any rebate taxable year, each individual 

10 who was an eligible individual for the applicable tax11 able year shall be treated as having made a payment 

12 against the tax imposed by chapter 1 for such appli13 cable taxable year in an amount equal to advance re14 fund amount for such rebate taxable year. 

15 ‘‘(2) ADVANCE REFUND AMOUNT.— 

16 ‘‘(A) IN GENERAL.—For purposes of para17 graph (1), the advance refund amount for any 

18 rebate taxable year is the amount that would 

19 allowed as a credit under this section for the 

20 applicable taxable year if this section (other 

21 than subsection (e) and this subsection) were 

22 applied to such applicable taxable year (without 

23 regard to any effective date) using the gasoline 

24 price rebate amount for the refund taxable 

25 year. 


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1 ‘‘(B) TREATMENT OF DECEASED INDIVID2 UALS.—For purposes of determining the ad3 vanced refund amount— 

4 ‘‘(i) any individual who was deceased 

5 before the first day of the rebate taxable 

6 year shall be treated for purposes of apply7 ing subsection (d)(2) in the same manner 

8 as if the valid identification number of 

9 such person was not included on the return 

10 of tax for the applicable taxable year (ex11 cept that subparagraph (D) thereof shall 

12 not apply), and 

13 ‘‘(ii) notwithstanding clause (i), in the 

14 case of a joint return with respect to which 

15 only 1 spouse is deceased before the first 

16 day of the rebate taxable year, such de17 ceased spouse was a member of the Armed 

18 Forces of the United States at any time 

19 during the applicable taxable year, and the 

20 valid identification number of such de21 ceased spouse is included on the return of 

22 tax for the applicable taxable year, the 

23 valid identification number of 1 (and only 

24 1) spouse shall be treated as included on 

25 the return of tax for the applicable taxable 


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1 year for purposes of applying subsection 

2 (d)(2)(B) with respect to such joint return. 

3 ‘‘(3) TIMING AND MANNER OF PAYMENTS.— 

4 The Secretary shall, subject to the provisions of this 

5 title, refund or credit any overpayment attributable 

6 to this section and determined with respect to any 

7 calendar quarter not later than 90 days after the 

8 end of such calendar quarter. No refund or credit 

9 shall be made or allowed under this subsection with 

10 respect to any applicable taxable year after the last 

11 day of the rebate taxable year. 

12 ‘‘(4) NO INTEREST.—No interest shall be al13 lowed on any overpayment attributable to this sub14 section. 

15 ‘‘(5) APPLICATION TO INDIVIDUALS WHO HAVE

16 FILED A RETURN OF TAX FOR THE YEAR AFTER

17 THE APPLICABLE TAXABLE YEAR.— 

18 ‘‘(A) APPLICATION TO RETURNS FILED AT

19 TIME OF INITIAL DETERMINATION.—If, at the 

20 time of any determination made pursuant to 

21 paragraph (3), the individual referred to in 

22 paragraph (1) has filed a return of tax for the 

23 individual’s first taxable year beginning after 

24 the applicable taxable year, paragraph (1) shall 

25 be applied with respect to such individual by 


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1 substituting ‘taxable year following the applica2 ble taxable year’ for ‘applicable taxable year’. 

3 ‘‘(B) ADDITIONAL PAYMENT.— 

4 ‘‘(i) IN GENERAL.—In the case of any 

5 individual who files, before the additional 

6 payment determination date, a return of 

7 tax for such individual’s first taxable year 

8 beginning after the applicable taxable year, 

9 the Secretary shall make a payment (in ad10 dition to any payment made under para11 graph (1)) to such individual equal to the 

12 excess (if any) of— 

13 ‘‘(I) the amount which would be 

14 determined under paragraph (1) 

15 (after the application of subparagraph 

16 (A)) by applying paragraph (1) as of 

17 the additional payment determination 

18 date, over 

19 ‘‘(II) the amount of any payment 

20 made with respect to such individual 

21 under paragraph (1). 

22 ‘‘(ii) ADDITIONAL PAYMENT DETER23 MINATION DATE.—The term ‘additional 

24 payment determination date’ means the 

25 earlier of— 


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1 ‘‘(I) the date which is 90 days 

2 after the date specified in section 

3 6072(a) with respect to returns for 

4 the taxable year following the applica5 ble taxable year (determined after 

6 taking into account any period dis7 regarded under section 7508A if such 

8 disregard applies to substantially all 

9 returns for such taxable year), or 

10 ‘‘(II) September 1 of the cal11 endar year following the applicable 

12 taxable year. 

13 ‘‘(6) APPLICATION TO CERTAIN INDIVIDUALS

14 WHO HAVE NOT FILED A RETURN OF TAX FOR THE

15 PRECEDING TWO YEARS.—In the case of any indi16 vidual who, at the time of any determination made 

17 pursuant to paragraph (3), has filed a tax return for 

18 neither the applicable taxable year nor for the year 

19 following the applicable taxable year, the Secretary 

20 shall, consistent with rules similar to the rules of 

21 section 6428A(f)(5)(H)(i), apply paragraph (1) on 

22 the basis of information available to the Secretary 

23 and shall, on the basis of such information, deter24 mine the advance refund amount with respect to 

25 such individual without regard to subsection (b)(2) 


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1 unless the Secretary has reason to know that such 

2 amount would otherwise be reduced by reason of 

3 such subsection. 

4 ‘‘(7) SPECIAL RULE RELATED TO TIME OF FIL5 ING RETURN.—Solely for purposes of this sub6 section, a return of tax shall not be treated as filed 

7 until such return has been processed by the Internal 

8 Revenue Service. 

9 ‘‘(8) APPLICABLE TAXABLE YEAR; REBATE

10 TAXABLE YEAR.—For purposes of this subsection— 

11 ‘‘(A) REBATE TAXABLE YEAR.—The term 

12 ‘rebate taxable year’ means the taxable year for 

13 which a credit is allowed under this section. 

14 ‘‘(B) APPLICABLE TAXABLE YEAR.—The 

15 term ‘applicable taxable year’ means the second 

16 taxable year preceding the rebate taxable year. 

17 ‘‘(g) REGULATIONS.—The Secretary shall prescribe 

18 such regulations or other guidance as may be necessary 

19 or appropriate to carry out the purposes of this section, 

20 including— 

21 ‘‘(1) regulations or other guidance providing 

22 taxpayers the opportunity to provide the Secretary 

23 information sufficient to allow the Secretary to make 

24 payments to such taxpayers under subsection (f) (in25 cluding the determination of the amount of such 


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1 payment) if such information is not otherwise avail2 able to the Secretary, and 

3 ‘‘(2) regulations or other guidance to ensure to 

4 the maximum extent administratively practicable 

5 that, in determining the amount of any credit under 

6 subsection (a) and any credit or refund under sub7 section (f), an individual is not taken into account 

8 more than once, including by different taxpayers and 

9 including by reason of a change in joint return sta10 tus or dependent status between the taxable year for 

11 which an advance refund amount is determined and 

12 the taxable year for which a credit under subsection 

13 (a) is determined. 

14 ‘‘(h) OUTREACH.—The Secretary shall carry out a 

15 robust and comprehensive outreach program to ensure 

16 that all taxpayers described in subsection (g)(1) learn of 

17 their eligibility for the advance refunds and credits under 

18 subsection (f); are advised of the opportunity to receive 

19 such advance refunds and credits as provided under sub20 section (g)(1); and are provided assistance in applying for 

21 such advance refunds and credits.’’. 

22 (b) TREATMENT OF CERTAIN POSSESSIONS.— 

23 (1) PAYMENTS TO POSSESSIONS WITH MIRROR

24 CODE TAX SYSTEMS.—The Secretary of the Treas25 ury shall pay to each possession of the United States 


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1 which has a mirror code tax system amounts equal 

2 to the loss (if any) to that possession by reason of 

3 the amendments made by this section. Such 

4 amounts shall be determined by the Secretary of the 

5 Treasury based on information provided by the gov6 ernment of the respective possession. 

7 (2) PAYMENTS TO OTHER POSSESSIONS.—The 

8 Secretary of the Treasury shall pay to each posses9 sion of the United States which does not have a mir10 ror code tax system amounts estimated by the Sec11 retary of the Treasury as being equal to the aggre12 gate benefits (if any) that would have been provided 

13 to residents of such possession by reason of the 

14 amendments made by this section if a mirror code 

15 tax system had been in effect in such possession. 

16 The preceding sentence shall not apply unless the re17 spective possession has a plan, which has been ap18 proved by the Secretary of the Treasury, under 

19 which such possession will promptly distribute such 

20 payments to its residents. 

21 (3) INCLUSION OF ADMINISTRATIVE EX22 PENSES.—The Secretary of the Treasury shall pay 

23 to each possession of the United States to which the 

24 Secretary makes a payment under paragraph (1) or 


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1 (2) an amount equal to the increase (if any) of the 

2 administrative expenses of such possession— 

3 (A) in the case of a possession described in 

4 paragraph (1), by reason of the amendments 

5 made by this section, and 

6 (B) in the case of a possession described in 

7 paragraph (2), by reason of carrying out the 

8 plan described in such paragraph, or 

9 the amount described in subparagraph (A) shall be 

10 determined by the Secretary of the Treasury based 

11 on information provided by the government of the 

12 respective possession. 

13 (4) COORDINATION WITH CREDIT ALLOWED

14 AGAINST UNITED STATES INCOME TAXES.—No cred15 it shall be allowed against United States income 

16 taxes under section 6433 of the Internal Revenue 

17 Code of 1986 (as added by this section), nor shall 

18 any credit or refund be made or allowed under sub19 section (f) of such section, to any person— 

20 (A) to whom a credit is allowed against 

21 taxes imposed by the possession by reason of 

22 the amendments made by this section, or 

23 (B) who is eligible for a payment under a 

24 plan described in paragraph (2). 


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1 (5) MIRROR CODE TAX SYSTEM.—For purposes 

2 of this subsection, the term ‘‘mirror code tax sys3 tem’’ means, with respect to any possession of the 

4 United States, the income tax system of such posses5 sion if the income tax liability of the residents of 

6 such possession under such system is determined by 

7 reference to the income tax laws of the United 

8 States as if such possession were the United States. 

9 (6) TREATMENT OF PAYMENTS.—For purposes 

10 of section 1324 of title 31, United States Code, the 

11 payments under this subsection shall be treated in 

12 the same manner as a refund due from a credit pro13 vision referred to in subsection (b)(2) of such sec14 tion. 

15 (c) ADMINISTRATIVE PROVISIONS.— 

16 (1) DEFINITION OF DEFICIENCY.—Section 

17 6211(b)(4)(A) of the Internal Revenue Code of 1986 

18 is amended by striking ‘‘6428A, 6428B’’ and insert19 ing ‘‘6428A, 6428B, 6433,’’. 

20 (2) EXCEPTION FROM REDUCTION OR OFF21 SET.—Any refund payable by reason of section 

22 6433(f) of the Internal Revenue Code of 1986 (as 

23 added by this section), or any such refund payable 

24 by reason of subsection (b) of this section, shall not 

25 be— 


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1 (A) subject to reduction or offset pursuant 

2 to subsection (c), (d), (e), or (f) of section 6402 

3 of the Internal Revenue Code of 1986 or any 

4 similar authority permitting offset, or 

5 (B) reduced or offset by other assessed 

6 Federal taxes that would otherwise be subject 

7 to levy or collection. 

8 (3) CONFORMING AMENDMENTS.— 

9 (A) Paragraph (2) of section 1324(b) of 

10 title 31, United States Code, is amended by in11 serting ‘‘6433,’’ after ‘‘6431,’’. 

12 (B) The table of sections for subchapter B 

13 of chapter 65 of the Internal Revenue Code of 

14 1986 is amended by adding at the end the fol15 lowing new item: 

‘‘Sec. 6433. Gasoline price rebates.’’. 

16 SEC. 4. PROTECT CONSUMERS FROM GAS PRICE HIKES 

17 FUND. 

18 (a) IN GENERAL.—Subchapter A of chapter 98 of the 

19 Internal Revenue Code of 1986 is amended by adding at 

20 the end the following new section: 

21 ‘‘SEC. 9512. PROTECT CONSUMERS FROM GAS PRICE HIKES 

22 FUND. 

23 ‘‘(a) ESTABLISHMENT AND FUNDING.—There is 

24 hereby established in the Treasury of the United States 

25 a trust fund to be referred to as the ‘Protect Consumers 


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1 from Gas Hikes Fund’, consisting of such amounts as may 

2 be appropriated or credited to such trust fund as provided 

3 for in this section and section 9602(b). 

4 ‘‘(b) TRANSFERS TO THE PROTECT CONSUMERS

5 FROM GAS PRICE HIKES FUND.—There are hereby ap6 propriated to the Protect Consumers from Gas Hikes 

7 Fund amounts equivalent to the taxes received in the 

8 Treasury under section 5896. 

9 ‘‘(c) USE OF FUNDS.—The Secretary shall pay from 

10 time to time from the Protect Consumers from Gas Price 

11 Hikes Fund to the general fund of the Treasury amounts 

12 equal to the amounts of refunds provided under section 

13 6433.’’. 

14 (b) CLERICAL AMENDMENT.—The table of sections 

15 for subchapter A of chapter 98 of such Code is amended 

16 by adding at the end the following new item: 

‘‘Sec. 9512. Protect Consumers from Gas Price Hikes Fund.’’. 

Æ 


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