I 
117TH CONGRESS 
2D SESSION 
H. R. 7751 
To amend the Internal Revenue Code of 1986 to provide for a gasoline 
tax holiday, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 12, 2022 
Mr. NORCROSS introduced the following bill; which was referred to the Com-
mittee on Ways and Means, and in addition to the Committee on Energy 
and Commerce, for a period to be subsequently determined by the Speak-
er, in each case for consideration of such provisions as fall within the ju-
risdiction of the committee concerned 
A BILL 
To amend the Internal Revenue Code of 1986 to provide 
for a gasoline tax holiday, 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 ‘‘Government Oversight 
of Unpatriotic Greed in Energy Act’’ or the ‘‘GOUGE 
Act’’. 
SEC. 2. GASOLINE TAX HOLIDAY. 
(a) IN GENERAL.—Subpart B of part III of sub-
chapter A of chapter 32 of the Internal Revenue Code of 
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1986 is amended by adding at the end the following new 
section: 
‘‘SEC. 4106. GASOLINE TAX HOLIDAY. 
‘‘(a) IN GENERAL.—In the case of any gasoline other 
than aviation gasoline (within the meaning of such term 
as when used in section 4081) removed, entered, or sold 
(as the case may be) during the gasoline tax holiday pe-
riod— 
‘‘(1) 
the 
rate 
of 
tax 
under 
section 
4081(a)(2)(A)(i) shall be zero, and 
‘‘(2) the Leaking Underground Storage Tank 
Trust Fund financing rate under section 4081(a)(2) 
shall be zero with respect to such fuel. 
‘‘(b) GASOLINE TAX HOLIDAY PERIOD.—For pur-
poses of this section, the term ‘gasoline tax holiday period’ 
means the period— 
‘‘(1) beginning on the date of the enactment of 
this section, and 
‘‘(2) ending on December 31, 2022. 
‘‘(c) TRUST FUNDS HELD HARMLESS.—Any appro-
priation or transfer under section 9503(b), 9503(e), or 
9508(b) shall be made in the same manner (and in the 
same amount) as if subsection (a) had never been en-
acted.’’. 
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(b) CLERICAL AMENDMENT.—The table of sections 
for subpart B of part III of subchapter A of chapter 32 
of such Code is amended by adding at the end the fol-
lowing new item: 
‘‘Sec. 4106. Gasoline tax holiday.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to gasoline removed, entered, or 
sold on or after the date of the enactment of this Act. 
SEC. 3. REIMBURSEMENT TO STATES FOR GAS TAX HOLI-
DAY. 
(a) IN GENERAL.—In the case of the suspension of 
a gasoline tax by a State during the gasoline tax holiday 
period, the Secretary of the Treasury (or the Secretary’s 
delegate) shall pay to such State 100 percent of the 
amounts which would have been collected with respect to 
such tax during such period. 
(b) GASOLINE TAX HOLIDAY PERIOD.—For purposes 
of this section, the term ‘‘gasoline tax holiday period’’ 
means the period— 
(1) beginning on February 24, 2022, and 
(2) ending on December 31, 2022. 
SEC. 4. WINDFALL PROFITS TAX. 
(a) IN GENERAL.—Subtitle E of the Internal Rev-
enue Code of 1986 (relating to alcohol, tobacco, and cer-
tain other excise taxes) is amended by adding at the end 
thereof the following new chapter: 
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‘‘(1) increased by any interest expense deduc-
tion, charitable contribution deduction, and any net 
operating loss deduction carried forward from any 
prior taxable year, and 
‘‘(2) reduced by any interest income, dividend 
income, and net operating losses to the extent such 
losses exceed taxable income for the taxable year. 
In the case of any applicable taxpayer which is a foreign 
corporation, the adjusted taxable income shall be deter-
mined with respect to such income which is effectively con-
nected with the conduct of a trade or business in the 
United States. 
‘‘(c) REASONABLY INFLATED AVERAGE PROFIT.— 
For purposes of this chapter, with respect to any applica-
ble taxpayer, the reasonably inflated average profit for any 
taxable year is an amount equal to the average of the ad-
justed taxable income of such taxpayer for taxable years 
beginning in 2019, 2020, and 2021, plus 10 percent of 
such average. 
‘‘SEC. 5898. SPECIAL RULES AND DEFINITIONS. 
‘‘(a) 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. 
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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 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. 
‘‘(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 the Internal Revenue Code of 1986 is 
amended by adding at the end the following new item: 
‘‘CHAPTER 56. WINDFALL PROFITS ON CRUDE OIL.’’. 
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SEC. 5. GASOLINE WINDFALL PROFIT TRUST FUND. 
(a) IN GENERAL.—Subchapter A of chapter 98 of the 
Internal Revenue Code of 1986 is amended by adding at 
the end the following new section: 
‘‘SEC. 9512. GASOLINE WINDFALL PROFIT TRUST FUND. 
‘‘(a) ESTABLISHMENT
AND
FUNDING.—There is 
hereby established in the Treasury of the United States 
a trust fund to be referred to as the ‘Gasoline Windfall 
Profit Trust Fund’, consisting of such amounts as may 
be appropriated or credited to such trust fund as provided 
for in this section and section 9602(b). 
‘‘(b) TRANSFERS
TO
THE GASOLINE WINDFALL 
PROFIT TRUST FUND.—There are hereby appropriated to 
the Gasoline Windfall Profit Trust Fund amounts equiva-
lent to the taxes received in the Treasury under section 
5896. 
‘‘(c) EXPENDITURES FROM TRUST FUND.—Amounts 
in the Gasoline Windfall Profit Trust Fund shall be avail-
able for making expenditures described in subsection (d). 
‘‘(d) DISTRIBUTION TO STATES.— 
‘‘(1) IN
GENERAL.—From time to time, the 
Secretary shall distribute to the States the amounts 
available in the Gasoline Windfall Profit Trust 
Fund. 
‘‘(2) USE OF FUNDS.—Each State which re-
ceives amounts pursuant to paragraph (1) shall di-
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vide such amounts equally among all registered vehi-
cle owners in the State and distribute such amounts 
to such vehicle owners as expeditiously as possible. 
‘‘(3) STATE.—For purposes of this subsection, 
the term ‘State’ includes the District of Columbia, 
any territory or possession of the United States, and 
any Indian Tribe. 
‘‘(e) REGULATIONS.—The Secretary shall prescribe 
such regulations as may be necessary or appropriate to 
carry out the purposes of this section, including regula-
tions to ensure funds are divided among all registered ve-
hicle owners in the United States as equally as prac-
ticable.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for subchapter A of chapter 98 of such Code is amended 
by adding at the end the following new item: 
‘‘Sec. 9512. Gasoline Windfall Profit Trust Fund.’’. 
SEC. 6. FTC REGULATIONS, INVESTIGATION, AND EN-
FORCEMENT REGARDING PRICE GOUGING. 
(a) REGULATIONS.—Not later than 30 days after the 
date of the enactment of this Act, the Commission shall 
issue regulations under section 553 of title 5, United 
States Code, that prohibit any person who sells or offers 
for sale crude oil, gasoline, or any other petroleum dis-
tillate from engaging in price gouging with respect to the 
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price at which such person sells or offers for sale such 
crude oil, gasoline, or other petroleum distillate. 
(b) INVESTIGATION.— 
(1) IN GENERAL.—Not later than 1 year after 
the date on which the regulations issued under sub-
section (a) take effect, the Commission shall com-
plete an investigation to determine whether, during 
the period beginning on January 1, 2022, and end-
ing on December 31, 2022, any oil company violated 
such regulations (or, during the part of such period 
before the date on which such regulations take ef-
fect, engaged in conduct that would have constituted 
a violation of such regulations), particularly during 
the part of such period leading up to and after the 
Russian invasion of Ukraine on February 24, 2022. 
(2) ENFORCEMENT
REQUIRED.—If the Com-
mission determines in the investigation under para-
graph (1) that an oil company violated the regula-
tions issued under subsection (a), the Commission 
shall take such enforcement action authorized by 
subsection (c) against such oil company with respect 
to such violation as the Commission considers appro-
priate. 
(3) REPORT TO CONGRESS.—Not later than 60 
days after the date on which the Commission com-
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