Sponsors (14)
The bill offsets gasoline price pain for low‑ and middle‑income households through quarterly refundable payments funded by a windfall profits tax and a dedicated Treasury account, but it risks higher consumer fuel prices if producers pass along the tax, raises administrative complexity and costs, and leaves some immigrants and territory residents with reduced or delayed access to benefits.
Low- and middle-income households (including joint filers) will receive quarterly refundable payments to offset gasoline price increases, with refundable design ensuring people with little or no income tax liability can still get the benefit.
Taxing windfall crude-oil profits will generate federal revenue and impose higher tax liabilities on producers benefiting from price spikes, redirecting extraordinary profits toward public services or deficit reduction.
Creates a dedicated Treasury account/trust fund to collect the gas‑related tax receipts and to fund refunds, making the collection and disbursement more transparent and providing a specified funding source for refunds.
Consumers — especially low‑income households and small businesses — may face higher fuel and energy prices if producers and refiners pass the windfall profits tax on, increasing cost‑of‑living pressures.
Significant new administrative and compliance burdens and costs for companies, the IRS/Treasury, states and territories (quarterly determinations, outreach, territory distribution plans, and tax collection), increasing implementation complexity and program costs.
People without valid Social Security numbers (including many immigrants and dependents) and some residents of possessions may be excluded or face delays/conditions in receiving rebates, leaving vulnerable households with less help.
Based on analysis of 8 sections of legislative text.
Imposes a windfall profits tax on crude oil and uses those receipts to fund refundable gasoline rebate payments to eligible taxpayers.
Introduced March 17, 2026 by Sheldon Whitehouse · Last progress March 17, 2026
Imposes a new windfall profits tax on crude oil and directs those tax receipts into a new Treasury trust fund to finance refundable gasoline price rebate payments to eligible taxpayers. The bill creates a quarterly determination process for rebate amounts, sets eligibility and identification rules (including Social Security number requirements and income phaseouts), requires Treasury/IRS guidance and outreach, and sets effective dates beginning after December 31, 2025. The law requires the Treasury to transfer windfall tax receipts into the new fund and use them to cover the gasoline rebates; the rebate is refundable, boosted for joint filers, and phases down for higher-income taxpayers, while nonresident aliens, dependents, and estates/trusts are ineligible.