I 
117TH CONGRESS 
2D SESSION 
H. R. 7926 
To amend the Internal Revenue Code of 1986 to provide for a suspension 
of the highway fuel tax and to impose a temporary fee on excess oil profits. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 31, 2022 
Mr. SCHIFF 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 provide 
for a suspension of the highway fuel tax and to impose 
a temporary fee on excess oil profits. 
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 ‘‘Federal Gas Tax Sus-
pension and Windfall Profits Tax Act of 2022’’. 
SEC. 2. HIGHWAY FUEL TAX SUSPENSION. 
(a) TEMPORARY SUSPENSION OF HIGHWAY FUEL 
TAXES ON GASOLINE.— 
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(1) IN GENERAL.—Section 4081 of the Internal 
Revenue Code of 1986 is amended by adding at the 
end the following new subsection: 
‘‘(f) TEMPORARY SUSPENSION OF TAXES ON GASO-
LINE.— 
‘‘(1) IN GENERAL.—During the applicable pe-
riod, the rate of tax otherwise applicable to gasoline 
under subsection (a)(2)(A)(i), determined with re-
gard to subsection (a)(2)(B), shall be reduced to 
zero cents per gallon. 
‘‘(2) APPLICABLE
PERIOD.—For purposes of 
this subsection, the term ‘applicable period’ means 
the period beginning on the date of the enactment 
of this subsection and ending on December 31, 
2023. 
‘‘(3) MAINTENANCE OF TRUST FUND DEPOS-
ITS.—In determining the amounts to be appro-
priated to the Highway Trust Fund under section 
9503 and to the Leaking Underground Storage 
Tank Trust Fund under 9508, an amount equal to 
the reduction in revenues to the Treasury by reason 
of this subsection shall be treated as taxes received 
in the Treasury under this section or section 4041.’’. 
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(2) EFFECTIVE DATE.—The amendment made 
by this subsection shall take effect on the date of the 
enactment of this Act. 
(b) FLOOR STOCK REFUNDS.— 
(1) IN GENERAL.—If— 
(A) before the tax suspension date, a tax 
referred to in section 4081(f)(2) of the Internal 
Revenue Code of 1986 has been imposed under 
such Code on any liquid, and 
(B) on such date such liquid is held by a 
dealer and has not been used and is intended 
for sale, 
there shall be credited or refunded (without interest) 
to the person who paid such tax (hereafter in this 
subsection referred to as the ‘‘taxpayer’’), against 
the taxpayer’s subsequent semi-monthly deposit of 
such tax, an amount equal to the excess of the tax 
paid by the taxpayer over the amount of such tax 
which would be imposed on such liquid had the tax-
able event occurred on the tax suspension date. 
(2) TIME FOR FILING CLAIMS; CERTIFICATIONS 
NECESSARY TO FILE CLAIMS.— 
(A) IN
GENERAL.—No credit or refund 
shall be allowed or made under this sub-
section— 
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business relationship with the succeeding deal-
er. 
(3) DEFINITIONS.—For purposes of this sub-
section— 
(A) the terms ‘‘dealer’’ and ‘‘held by a 
dealer’’ have the respective meanings given to 
such terms by section 6412 of such Code; ex-
cept that the term ‘‘dealer’’ includes a pro-
ducer, and 
(B) the term ‘‘tax suspension date’’ means 
the date of the enactment of this Act. 
(4) CERTAIN RULES TO APPLY.—Rules similar 
to the rules of subsections (b) and (c) of section 
6412 of such Code shall apply for purposes of this 
subsection. 
(c) FLOOR STOCKS TAX.— 
(1) IMPOSITION OF TAX.—In the case of any 
liquid on which tax would have been imposed under 
section 4081 of the Internal Revenue Code of 1986 
during the applicable period but for the amendment 
made by subsection (a), and which is held on the 
floor stocks tax date by any person, there is hereby 
imposed a floor stocks tax in an amount equal to the 
tax which would be imposed on such liquid had the 
taxable event occurred on the floor stocks tax date. 
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(2) LIABILITY FOR TAX AND METHOD OF PAY-
MENT.— 
(A) LIABILITY FOR TAX.—A person hold-
ing a liquid on the floor stocks tax date to 
which the tax imposed by paragraph (1) applies 
shall be liable for such tax. 
(B) METHOD OF PAYMENT.—The tax im-
posed by paragraph (1) shall be paid in such 
manner as the Secretary shall prescribe. 
(C) TIME
FOR
PAYMENT.—The tax im-
posed by paragraph (1) shall be paid on or be-
fore the date which is 6 months after the floor 
stocks tax date. 
(3) DEFINITIONS.—For purposes of this sub-
section— 
(A) HELD BY A PERSON.—A liquid shall 
be considered as ‘‘held by a person’’ if title 
thereto has passed to such person (whether or 
not delivery to the person has been made). 
(B) GASOLINE.—The term ‘‘gasoline’’ has 
the respective meaning given such term by sec-
tion 4083 of such Code. 
(C) FLOOR STOCKS TAX DATE.—The term 
‘‘floor stocks tax date’’ means January 1, 2024. 
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(D) APPLICABLE PERIOD.—The term ‘‘ap-
plicable period’’ means the period described in 
section 4081(f)(3) of such Code. 
(4) EXCEPTION FOR EXEMPT USES.—The tax 
imposed by paragraph (1) shall not apply to gasoline 
held by any person exclusively for any use to the ex-
tent a credit or refund of the tax imposed by section 
4081 of such Code is allowable for such use. 
(5) EXCEPTION FOR FUEL HELD IN VEHICLE 
TANK.—No tax shall be imposed by paragraph (1) 
on gasoline held in the tank of a motor vehicle. 
(6) EXCEPTION
FOR
CERTAIN
AMOUNTS
OF 
FUEL.— 
(A) IN
GENERAL.—No tax shall be im-
posed by paragraph (1) on gasoline (other than 
aviation gasoline) held on the floor stocks tax 
date by any person if the aggregate amount of 
gasoline held by such person on such date does 
not exceed 4,000 gallons. The preceding sen-
tence shall apply only if such person submits to 
the Secretary (at the time and in the manner 
required by the Secretary) such information as 
the Secretary shall require for purposes of this 
subparagraph. 
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(B) EXEMPT FUEL.—For purposes of sub-
paragraph (A), there shall not be taken into ac-
count fuel held by any person which is exempt 
from the tax imposed by paragraph (1) by rea-
son of paragraph (4) or (5). 
(C) CONTROLLED GROUPS.—For purposes 
of this paragraph— 
(i) CORPORATIONS.— 
(I) IN
GENERAL.—All persons 
treated as a controlled group shall be 
treated as 1 person. 
(II) CONTROLLED
GROUP.—The 
term ‘‘controlled group’’ has the 
meaning given to such term by sub-
section (a) of section 1563 of such 
Code; except that for such purposes 
the phrase ‘‘more than 50 percent’’ 
shall be substituted for the phrase ‘‘at 
least 80 percent’’ each place it ap-
pears in such subsection. 
(ii) 
NONINCORPORATED
PERSONS 
UNDER COMMON CONTROL.—Under regula-
tions prescribed by the Secretary, prin-
ciples similar to the principles of clause (i) 
shall apply to a group of persons under 
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common control where 1 or more of such 
persons is not a corporation. 
(7) OTHER LAW APPLICABLE.—All provisions of 
law, including penalties, applicable with respect to 
the taxes imposed by section 4081 of such Code 
shall, insofar as applicable and not inconsistent with 
the provisions of this paragraph, apply with respect 
to the floor stock taxes imposed by paragraph (1) to 
the same extent as if such taxes were imposed by 
such section 4081. 
(d) SECRETARY.—For purposes of this section, the 
term ‘‘Secretary’’ means the Secretary of the Treasury or 
the Secretary’s delegate. 
(e) SENSE OF CONGRESS.—It is the senses of Con-
gress that— 
(1) consumers immediately receive the benefit 
of the reduction in taxes resulting from the amend-
ment made by subsection (a), and 
(2) transportation motor fuels producers and 
other dealers take such actions as necessary to re-
duce transportation motor fuels prices to reflect 
such reduction, including immediate credits to cus-
tomer accounts representing tax refunds allowed as 
credits against excise tax deposit payments under 
the floor stocks refund provisions of subsection (b). 
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SEC. 3. TEMPORARY OIL PROFIT FEE. 
(a) IN GENERAL.—Subtitle E of the Internal Rev-
enue Code of 1986 is amended by adding at the end there-
of the following new chapter: 
‘‘CHAPTER 56—TEMPORARY FEE ON 
EXCESS OIL PROFIT 
‘‘Sec. 5896. Imposition of fee. 
‘‘Sec. 5897. Excess profit; etc. 
‘‘Sec. 5898. Special rules and definitions. 
‘‘SEC. 5896. IMPOSITION OF FEE. 
‘‘(a) IN GENERAL.—In addition to any other tax im-
posed under this title, there is hereby imposed on any ap-
plicable taxpayer an excise fee in an amount equal to 50 
percent of the excess profit of such taxpayer for such tax-
payer’s first taxable year beginning after December 31, 
2021. 
‘‘(b) APPLICABLE TAXPAYER.—For purposes of this 
chapter, the term ‘applicable taxpayer’ means any inte-
grated oil company (as defined in section 291(b)(4)). 
‘‘SEC. 5897. EXCESS PROFIT; ETC. 
‘‘(a) GENERAL RULE.—For purposes of this chapter, 
the term ‘excess profit’ means the excess of the adjusted 
taxable income of the applicable taxpayer for the taxable 
year over the reasonably inflated average profit for such 
taxable year. 
‘‘(b) ADJUSTED TAXABLE INCOME.—For purposes of 
this chapter, with respect to any applicable taxpayer, the 
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‘‘(b) RECORDS AND INFORMATION.—Each taxpayer 
liable for tax under section 5896 shall keep such records, 
make such returns, and furnish such information as the 
Secretary may by regulations prescribe. 
‘‘(c) RETURN OF FEE.—The Secretary shall provide 
for the filing and the time of such filing of the return of 
the fee imposed under section 5896. 
‘‘(d) CRUDE OIL.—The term ‘crude oil’ includes 
crude oil condensates and natural gasoline. 
‘‘(e) BUSINESSES UNDER COMMON CONTROL.—For 
purposes of this chapter, all members of the same con-
trolled group of corporations (within the meaning of sec-
tion 267(f)) and all persons under common control (within 
the meaning of section 52(b) but determined by treating 
an interest of more than 50 percent as a controlling inter-
est) shall be treated as 1 person. 
‘‘(f) REGULATIONS.—The Secretary shall prescribe 
such regulations as may be necessary or appropriate to 
carry out the purposes of this chapter.’’. 
(b) CLERICAL AMENDMENT.—The table of chapters 
for subtitle E of such Code is amended by adding at the 
end the following new item: 
‘‘CHAPTER 56—TEMPORARY FEE ON EXCESS OIL PROFIT’’. 
(c) DEDUCTIBILITY OF FEE.—The first sentence of 
section 164(a) of such Code is amended by inserting after 
paragraph (4) the following new paragraph: 
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‘‘(5) The fee imposed by section 5896.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
the date of the enactment of this Act. 
Æ 
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