‘‘(c) FRACTIONAL PART OF BARREL.—In the case of 
a fraction of a barrel, the tax imposed by subsection (a) 
shall be the same fraction of the amount of such tax im-
posed on the whole barrel. 
‘‘SEC. 5897. DEFINITIONS AND SPECIAL RULES. 
‘‘(a) DEFINITIONS.—For purposes of this chapter— 
‘‘(1) COVERED TAXPAYER.— 
‘‘(A) IN
GENERAL.—The term ‘covered 
taxpayer’ means, with respect to any calendar 
quarter, any taxpayer if— 
‘‘(i) the average daily number of bar-
rels of taxable crude oil extracted and im-
ported by the taxpayer for calendar year 
2019 exceeded 300,000 barrels, or 
‘‘(ii) the average daily number of bar-
rels of taxable crude oil extracted and im-
ported by the taxpayer for the calendar 
quarter exceeds 300,000. 
‘‘(B) AGGREGATION
RULES.—All persons 
treated as a single employer under subsection 
(a) or (b) of section 52 or subsection (m) or (o) 
of section 414 shall be treated as one person for 
purposes of paragraph (1). 
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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.—The amendments made by 
this section shall apply to crude oil removed or entered 
after the date of the enactment of this Act, in calendar 
quarters ending after such date. 
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. 6433. 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 the date of the enactment of the Big Oil Windfall 
Profits Tax Act, an amount equal to the sum of the gaso-
line price rebate amount for calendar quarters beginning 
in such taxable year. 
‘‘(b) GASOLINE PRICE REBATE AMOUNT.—For pur-
poses of this section— 
‘‘(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 
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