I 

117TH CONGRESS 

2D SESSION H. R. 7103 

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. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 16, 2022 

Mr. SEAN PATRICK MALONEY of New York 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 establish 

an excise tax on the profits of oil companies and distribute them as a dividend to 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 ‘‘Stop Profiting Off 

5 Putin’s War Act’’. 

6 SEC. 2. CRUDE OIL PROFIT TAX. 

7 (a) IN GENERAL.—Subtitle E of the Internal Rev8 enue Code of 1986 (relating to alcohol, tobacco, and cerVerDate Sep 11 2014 22:52 Mar 18, 2022 Jkt 029200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H7103.IH H7103

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1 tain other excise taxes) is amended by adding at the end 

2 thereof the following new chapter: 

3 ‘‘CHAPTER 56—PROFIT ON CRUDE OIL 

‘‘Sec. 5896. Imposition of tax. 

‘‘Sec. 5897. Applicable profit. 

‘‘Sec. 5898. Special rules and definitions. 

4 ‘‘SEC. 5896. IMPOSITION OF TAX. 

5 ‘‘(a) IN GENERAL.—In addition to any other tax im6 posed under this title, there is hereby imposed on any ap7 plicable taxpayer an excise tax in an amount equal to 50 

8 percent of the applicable profit of such taxpayer. 

9 ‘‘(b) APPLICABLE TAXPAYER.—For purposes of this 

10 chapter, the term ‘applicable taxpayer’ means any major 

11 integrated oil company (as defined in section 

12 167(h)(5)(B), applied by substituting ‘$500,000,000’ for 

13 ‘$1,000,000,000’ in clause (ii) thereof). 

14 ‘‘(c) SPECIAL RULE FOR CERTAIN PRICE HIKES.— 

15 If the Secretary, after consultation with the Secretary of 

16 Energy and the Chair of the Federal Trade Commission, 

17 determines that an applicable taxpayer has raised prices 

18 as a result of the tax under subsection (a), such subsection 

19 shall be applied by substituting ‘75 percent’ for ‘50 per20 cent’. 

21 ‘‘(d) TERMINATION.—No tax shall be imposed under 

22 this section after December 31, 2023. 


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1 ‘‘SEC. 5897. APPLICABLE PROFIT. 

2 ‘‘(a) GENERAL RULE.—For purposes of this chapter, 

3 the term ‘applicable profit’ means, with respect to a tax4 able year, the adjusted taxable income of the applicable 

5 taxpayer for any calendar quarter in which the national 

6 average price of unleaded gasoline is equal to or greater 

7 than the national average price of unleaded gasoline on 

8 February 24, 2022. 

9 ‘‘(b) ADJUSTED TAXABLE INCOME.—For purposes of 

10 this chapter, with respect to any applicable taxpayer, the 

11 term ‘adjustable taxable income’ means the taxable income 

12 of the taxpayer— 

13 ‘‘(1) increased by— 

14 ‘‘(A) the amount of any bonuses to execu15 tive officers, and 

16 ‘‘(B) the amount of any stock buybacks, 

17 and 

18 ‘‘(2) reduced by— 

19 ‘‘(A) the amount of any net operating loss 

20 deduction under section 172, and 

21 ‘‘(B) any deduction allowable for deprecia22 tion, amortization, or depletion. 

23 In the case of any applicable taxpayer which is a foreign 

24 corporation, the adjusted taxable income shall be deter25 mined with respect to such income which is effectively conVerDate Sep 11 2014 22:52 Mar 18, 2022 Jkt 029200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H7103.IH H7103

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1 nected with the conduct of a trade or business in the 

2 United States. 

3 ‘‘SEC. 5898. SPECIAL RULES AND DEFINITIONS. 

4 ‘‘(a) WITHHOLDING AND DEPOSIT OF TAX.—The 

5 Secretary shall provide such rules as are necessary for the 

6 withholding and deposit of the tax imposed under section 

7 5896. 

8 ‘‘(b) RECORDS AND INFORMATION.—Each taxpayer 

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

10 make such returns, and furnish such information as the 

11 Secretary may by regulations prescribe. 

12 ‘‘(c) RETURN OF APPLICABLE PROFIT TAX.—The 

13 Secretary shall provide for the filing and the time of such 

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

15 ‘‘(d) CRUDE OIL.—The term ‘crude oil’ includes 

16 crude oil condensates and natural gasoline. 

17 ‘‘(e) BUSINESSES UNDER COMMON CONTROL.—For 

18 purposes of this chapter, all members of the same con19 trolled group of corporations (within the meaning of sec20 tion 267(f)) and all persons under common control (within 

21 the meaning of section 52(b) but determined by treating 

22 an interest of more than 50 percent as a controlling inter23 est) shall be treated as 1 person. 


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1 ‘‘(f) REGULATIONS.—The Secretary shall prescribe 

2 such regulations as may be necessary or appropriate to 

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

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

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

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

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

7 (c) DEDUCTIBILITY OF APPLICABLE PROFIT TAX.— 

8 The first sentence of section 164(a) of the Internal Rev9 enue Code of 1986 (relating to deduction for taxes) is 

10 amended by inserting after paragraph (5) the following 

11 new paragraph: 

12 ‘‘(6) The applicable profit tax imposed by sec13 tion 5896.’’. 

14 (d) EFFECTIVE DATE.—The amendments made by 

15 this section shall apply to taxable years beginning after 

16 December 31, 2021. 

17 SEC. 3. GASOLINE PRICE REBATES. 

18 (a) IN GENERAL.—In the case of an eligible indi19 vidual, there shall be allowed as a credit against the tax 

20 imposed by subtitle A for each taxable year beginning 

21 after the date of the enactment of the Stop Profiting Off 

22 Putin’s War Act, an amount equal to the sum of the gaso23 line price rebate amount for calendar quarters beginning 

24 in such taxable year. 


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1 (b) GASOLINE PRICE REBATE AMOUNT.—For pur2 poses of this section— 

3 (1) IN GENERAL.—The term ‘‘gasoline price re4 bate amount’’ means, with respect to any taxpayer 

5 for any calendar quarter beginning in a taxable year, 

6 an amount determined by the Secretary not later 

7 than 30 days after the end of such calendar quarter 

8 taking into account the number of eligible individ9 uals and the amount of revenues in the Gas Profit 

10 Recovery Fund resulting from the tax imposed by 

11 section 5896 for the preceding calendar quarter. 

12 (2) SPECIAL RULE FOR JOINT RETURNS.—In 

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

14 the gasoline price rebate amount shall be 150 per15 cent of the amount determined under paragraph (1) 

16 with respect to other taxpayers. 

17 (3) LIMITATION BASED ON ADJUSTED GROSS

18 INCOME.—The amount of the credit allowed by sub19 section (a) (determined without regard to this sub20 section and subsection (e)) shall be reduced (but not 

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

22 individual’s adjusted gross income as exceeds— 

23 (A) $200,000 in the case of a joint return, 

24 (B) $150,000 in the case of a head of 

25 household, and 


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1 (C) $100,000 in any other case. 

2 (c) ELIGIBLE INDIVIDUAL.—For purposes of this sec3 tion, the term ‘‘eligible individual’’ means any individual 

4 other than— 

5 (1) any nonresident alien individual, 

6 (2) any individual who is a dependent of an7 other taxpayer for a taxable year beginning in the 

8 calendar year in which the individual’s taxable year 

9 begins, and 

10 (3) an estate or trust. 

11 (d) DEFINITIONS AND SPECIAL RULES.— 

12 (1) DEPENDENT DEFINED.—For purposes of 

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

14 given such term by section 152. 

15 (2) IDENTIFICATION NUMBER REQUIREMENT.— 

16 (A) IN GENERAL.—In the case of a return 

17 other than a joint return, the gasoline price re18 bate amount in subsection (b)(1) shall be treat19 ed as being zero unless the taxpayer includes 

20 the valid identification number of the taxpayer 

21 on the return of tax for the taxable year. 

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

23 joint return, the gasoline price rebate amount 

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


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1 (i) 50 percent of the amount other2 wise determined without regard to this 

3 paragraph if the valid identification num4 ber of only 1 spouse is included on the re5 turn of tax for the taxable year, and 

6 (ii) zero if the valid identification 

7 number of neither spouse is so included. 

8 (C) VALID IDENTIFICATION NUMBER.— 

9 For purposes of this paragraph, the term ‘‘valid 

10 identification number’’ means a social security 

11 number issued to an individual by the Social 

12 Security Administration on or before the due 

13 date for filing the return for the taxable year. 

14 (D) SPECIAL RULE FOR MEMBERS OF THE

15 ARMED FORCES.—Subparagraph (B) shall not 

16 apply in the case where at least 1 spouse was 

17 a member of the Armed Forces of the United 

18 States at any time during the taxable year and 

19 the valid identification number of at least 1 

20 spouse is included on the return of tax for the 

21 taxable year. 

22 (E) COORDINATION WITH CERTAIN AD23 VANCE PAYMENTS.—In the case of any payment 

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

25 valid identification number shall be treated for 


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1 purposes of this paragraph as included on the 

2 taxpayer’s return of tax if such valid identifica3 tion number is available to the Secretary as de4 scribed in such subsection. 

5 (F) MATHEMATICAL OR CLERICAL ERROR

6 AUTHORITY.—Any omission of a correct valid 

7 identification number required under this para8 graph shall be treated as a mathematical or 

9 clerical error for purposes of applying section 

10 6213(g)(2) to such omission. 

11 (3) CREDIT TREATED AS REFUNDABLE.—The 

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

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

14 chapter 1. 

15 (e) COORDINATION WITH ADVANCE REFUNDS OF

16 CREDIT.— 

17 (1) REDUCTION OF REFUNDABLE CREDIT.— 

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

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

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

21 the aggregate refunds and credits made or allowed 

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

23 the Secretary, any dependent of the taxpayer) under 

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

25 so reduce the credit shall be treated as arising out 


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1 of a mathematical or clerical error and assessed ac2 cording to section 6213(b)(1). 

3 (2) JOINT RETURNS.—Except as otherwise pro4 vided by the Secretary, in the case of a refund or 

5 credit made or allowed under subsection (f) with re6 spect to a joint return, half of such refund or credit 

7 shall be treated as having been made or allowed to 

8 each individual filing such return. 

9 (f) ADVANCE REFUNDS AND CREDITS.— 

10 (1) IN GENERAL.—Subject to paragraphs (5) 

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

12 who was an eligible individual for the applicable tax13 able year shall be treated as having made a payment 

14 against the tax imposed by chapter 1 for such appli15 cable taxable year in an amount equal to advance re16 fund amount for such rebate taxable year. 

17 (2) ADVANCE REFUND AMOUNT.— 

18 (A) IN GENERAL.—For purposes of para19 graph (1), the advance refund amount for any 

20 rebate taxable year is the amount that would 

21 allowed as a credit under this section for the 

22 applicable taxable year if this section (other 

23 than subsection (e) and this subsection) were 

24 applied to such applicable taxable year (without 

25 regard to any effective date) using the gasoline 


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1 price rebate amount for the refund taxable 

2 year. 

3 (B) TREATMENT OF DECEASED INDIVID4 UALS.—For purposes of determining the ad5 vanced refund amount— 

6 (i) any individual who was deceased 

7 before the first day of the rebate taxable 

8 year shall be treated for purposes of apply9 ing subsection (d)(2) in the same manner 

10 as if the valid identification number of 

11 such person was not included on the return 

12 of tax for the applicable taxable year (ex13 cept that subparagraph (D) thereof shall 

14 not apply), and 

15 (ii) notwithstanding clause (i), in the 

16 case of a joint return with respect to which 

17 only 1 spouse is deceased before the first 

18 day of the rebate taxable year, such de19 ceased spouse was a member of the Armed 

20 Forces of the United States at any time 

21 during the applicable taxable year, and the 

22 valid identification number of such de23 ceased spouse is included on the return of 

24 tax for the applicable taxable year, the 

25 valid identification number of 1 (and only 


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1 1) spouse shall be treated as included on 

2 the return of tax for the applicable taxable 

3 year for purposes of applying subsection 

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

5 (3) TIMING AND MANNER OF PAYMENTS.—The 

6 Secretary shall, subject to the provisions of this title, 

7 refund or credit any overpayment attributable to this 

8 section and determined with respect to any calendar 

9 quarter not later than 90 days after the end of such 

10 calendar quarter. No refund or credit shall be made 

11 or allowed under this subsection after December 31, 

12 2023. 

13 (4) NO INTEREST.—No interest shall be allowed 

14 on any overpayment attributable to this subsection. 

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 calendar 

11 year following the applicable taxable 

12 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 TAX10 ABLE YEAR.—For purposes of this subsection— 

11 (A) REBATE TAXABLE YEAR.—The term 

12 ‘‘rebate taxable year’’ means the taxable year 

13 for which a credit is allowed under this section. 

14 (B) APPLICABLE TAXABLE YEAR.—The 

15 term ‘‘applicable taxable year’’ means the sec16 ond taxable year preceding the rebate taxable 

17 year. 

18 (g) REGULATIONS.—The Secretary shall prescribe 

19 such regulations or other guidance as may be necessary 

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

21 including— 

22 (1) regulations or other guidance providing tax23 payers the opportunity to provide the Secretary in24 formation sufficient to allow the Secretary to make 

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1 cluding the determination of the amount of such 

2 payment) if such information is not otherwise avail3 able to the Secretary, and 

4 (2) regulations or other guidance to ensure to 

5 the maximum extent administratively practicable 

6 that, in determining the amount of any credit under 

7 subsection (a) and any credit or refund under sub8 section (f), an individual is not taken into account 

9 more than once, including by different taxpayers and 

10 including by reason of a change in joint return sta11 tus or dependent status between the taxable year for 

12 which an advance refund amount is determined and 

13 the taxable year for which a credit under subsection 

14 (a) is determined. 

15 (h) OUTREACH.—The Secretary shall carry out a ro16 bust and comprehensive outreach program to ensure that 

17 all taxpayers described in subsection (g)(1) learn of their 

18 eligibility for the advance refunds and credits under sub19 section (f); are advised of the opportunity to receive such 

20 advance refunds and credits as provided under subsection 

21 (g)(1); and are provided assistance in applying for such 

22 advance refunds and credits. 


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1 SEC. 4. GAS PROFIT RECOVERY FUND. 

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

3 Internal Revenue Code of 1986 is amended by adding at 

4 the end the following new section: 

5 ‘‘SEC. 9512. GAS PROFIT RECOVERY FUND. 

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

7 hereby established in the Treasury of the United States 

8 a trust fund to be referred to as the ‘Gas Profit Recovery 

9 Fund’, consisting of such amounts as may be appropriated 

10 or credited to such trust fund as provided for in this sec11 tion and section 9602(b). 

12 ‘‘(b) TRANSFERS TO THE GAS PROFIT RECOVERY

13 FUND.—There are hereby appropriated to the Gas Profit 

14 Recovery Fund amounts equivalent to the taxes received 

15 in the Treasury under section 5896. 

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

17 time to time from the Gas Profit Recovery Fund to the 

18 general fund of the Treasury amounts equal to the 

19 amounts of refunds provided under section 6433.’’. 

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

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

22 by adding at the end the following new item: 

‘‘Sec. 9512. Gas Profit Recovery Fund.’’. 

Æ 


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