I 
118TH CONGRESS 
1ST SESSION H. R. 1014 
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 
FEBRUARY 14, 2023 
Mr. KHANNA (for himself, Mr. NADLER, Ms. BARRAGA´N, Mr. POCAN, Mr. 
BOWMAN, Mr. TAKANO, Mr. HUFFMAN, Ms. SCHAKOWSKY, Ms. CLARKE 
of New York, Ms. BUSH, Mr. MAGAZINER, Ms. TITUS, and Mr. LEVIN) 
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 Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Big Oil Windfall Prof-
its Tax Act’’. 
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‘‘(2) TAXABLE CRUDE OIL.—The term ‘taxable 
crude oil’ includes crude oil, crude oil condensates, 
and natural gasoline. 
‘‘(3) BARREL.—The term ‘barrel’ means 42 
United States gallons. 
‘‘(4) UNITED
STATES.—The term ‘United 
States’ has the same meaning given such term under 
section 4612. 
‘‘(b) WITHHOLDING AND DEPOSIT OF TAX.—The 
Secretary shall provide such rules as are necessary for the 
withholding and deposit of the tax imposed under section 
5896 on any taxable crude oil. 
‘‘(c) RECORDS AND INFORMATION.—Each taxpayer 
liable for tax under section 5896 shall keep such records, 
make such returns, and furnish such information (to the 
Secretary and to other persons having an interest in the 
taxable crude oil) with respect to such oil as the Secretary 
may by regulations prescribe. 
‘‘(d) RETURN OF WINDFALL PROFIT TAX.—The Sec-
retary shall provide for the filing and the time of such 
filing of the return of the tax imposed under section 5896. 
‘‘(e) REGULATIONS.—The Secretary shall prescribe 
such regulations as may be necessary or appropriate to 
carry out the purposes of this chapter.’’. 
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(b) CLERICAL AMENDMENT.—The table of chapters 
for subtitle E of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new item: 
‘‘CHAPTER 56. WINDFALL PROFIT ON CRUDE OIL.’’. 
(c) EFFECTIVE DATE.— 
(1) IN GENERAL.—The amendments made by 
this section shall apply to crude oil removed or en-
tered after December 31, 2021, in calendar quarters 
ending after such date. 
(2) SPECIAL
RULE
FOR
QUARTERS
DURING 
2022.—In the case of any calendar quarter ending in 
calendar year 2022, the tax imposed under section 
5896 shall not be due before March 31, 2023. 
SEC. 3. GASOLINE PRICE REBATES. 
(a) IN GENERAL.—Subchapter B of chapter 65 of the 
Internal Revenue Code of 1986 is amended by adding at 
the end the following new section: 
‘‘SEC. 6434. GASOLINE PRICE REBATES. 
‘‘(a) IN GENERAL.—In the case of an eligible indi-
vidual, there shall be allowed as a credit against the tax 
imposed by subtitle A for each taxable year beginning 
after December 31, 2021, an amount equal to the sum 
of the gasoline price rebate amount for calendar quarters 
beginning in such taxable year. 
‘‘(b) GASOLINE PRICE REBATE AMOUNT.—For pur-
poses of this section— 
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‘‘(1) IN GENERAL.—The term ‘gasoline price 
rebate amount’ means, with respect to any taxpayer 
for any calendar quarter beginning in a taxable year, 
an amount determined by the Secretary not later 
than 30 days after the end of such calendar quarter 
taking into account the number of eligible individ-
uals and the amount of revenues in the Protect Con-
sumers from Gas Hikes Fund resulting from the tax 
imposed by section 5896 for the preceding calendar 
quarter. 
‘‘(2) SPECIAL RULE FOR JOINT RETURNS.—In 
the case of an eligible individual filing a joint return, 
the gasoline price rebate amount shall be 150 per-
cent of the amount determined under paragraph (1) 
with respect to other taxpayers. 
‘‘(3) LIMITATION BASED ON ADJUSTED GROSS 
INCOME.—The amount of the credit allowed by sub-
section (a) (determined without regard to this sub-
section and subsection (e)) shall be reduced (but not 
below zero) by 5 percent of so much of the eligible 
individual’s adjusted gross income as exceeds— 
‘‘(A) $150,000 in the case of a joint re-
turn, 
‘‘(B) $112,500 in the case of a head of 
household, and 
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‘‘(C) $75,000 in any other case. 
‘‘(c) ELIGIBLE INDIVIDUAL.—For purposes of this 
section, the term ‘eligible individual’ means any individual 
other than— 
‘‘(1) any nonresident alien individual, 
‘‘(2) any individual who is a dependent of an-
other taxpayer for a taxable year beginning in the 
calendar year in which the individual’s taxable year 
begins, and 
‘‘(3) an estate or trust. 
‘‘(d) DEFINITIONS AND SPECIAL RULES.— 
‘‘(1) DEPENDENT DEFINED.—For purposes of 
this section, the term ‘dependent’ has the meaning 
given such term by section 152. 
‘‘(2) 
IDENTIFICATION
NUMBER
REQUIRE-
MENT.— 
‘‘(A) IN GENERAL.—In the case of a re-
turn other than a joint return, the gasoline 
price rebate amount in subsection (b)(1) shall 
be treated as being zero unless the taxpayer in-
cludes the valid identification number of the 
taxpayer on the return of tax for the taxable 
year. 
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‘‘(B) JOINT RETURNS.—In the case of a 
joint return, the gasoline price rebate amount 
in subsection (b)(1) shall be treated as being— 
‘‘(i) 50 percent of the amount other-
wise determined without regard to this 
paragraph if the valid identification num-
ber of only 1 spouse is included on the re-
turn of tax for the taxable year, and 
‘‘(ii) zero if the valid identification 
number of neither spouse is so included. 
‘‘(C) VALID
IDENTIFICATION
NUMBER.— 
For purposes of this paragraph, the term ‘valid 
identification number’ means a social security 
number issued to an individual by the Social 
Security Administration on or before the due 
date for filing the return for the taxable year. 
‘‘(D) SPECIAL
RULE
FOR
MEMBERS
OF 
THE ARMED FORCES.—Subparagraph (B) shall 
not apply in the case where at least 1 spouse 
was a member of the Armed Forces of the 
United States at any time during the taxable 
year and the valid identification number of at 
least 1 spouse is included on the return of tax 
for the taxable year. 
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