Sponsors (14)
The bill raises revenue from an oil windfall profits tax to fund transparent, refundable quarterly gasoline rebates that target low‑ and middle‑income households, but it risks higher consumer fuel prices, administrative burdens, funding volatility, and exclusions that leave some vulnerable people without full relief.
Low- and middle-income households will receive quarterly refundable payments tied to gas prices, providing direct cash relief to help offset higher fuel costs.
The refundable credit design (including larger joint-filer amounts) ensures households with little or no income tax liability — and many families filing jointly — can receive payments, improving equity of the relief.
Creates a dedicated Treasury account/trust fund and specifies funding sources for the tax/refund program, improving transparency and traceability of collections and disbursements.
Producers and refiners facing the windfall tax may pass costs onto consumers, raising fuel and energy prices and worsening cost‑of‑living pressures for low‑income households.
The law creates new compliance and administrative burdens for oil companies, refiners, and the IRS/Treasury (quarterly determinations, territory payments, outreach), increasing costs and implementation complexity.
Payments and refunds depend on receipts to a specified fund that may fluctuate; if fund collections are low or variable, rebates could be reduced, irregular, or uncertain quarter-to-quarter.
Based on analysis of 8 sections of legislative text.
Imposes a windfall profits tax on crude oil and creates a refundable gasoline rebate for eligible individuals funded by the tax receipts.
Introduced March 17, 2026 by Sheldon Whitehouse · Last progress March 17, 2026
Imposes a new federal "windfall profits" tax on crude oil and uses the tax receipts to create a dedicated Treasury fund that finances refundable gasoline price rebate payments to eligible individuals. The rebate is calculated quarterly, is refundable, is larger for joint filers, and phases down for higher-income taxpayers; the Treasury/IRS must determine quarterly rebate amounts, issue guidance, and run outreach to help people claim the credit.