H.R.7960

Imposes a windfall profits tax on crude oil and rebates the collected tax to individual taxpayers.

The bill imposes a windfall profits excise tax on crude oil and rebates the collected tax to individual taxpayers. The tax applies to crude oil removed or entered after December 31, 2025, in calendar quarters ending after such date. The tax rate is determined by the difference between the average price of a barrel of Brent crude oil over the covered calendar quarter and the average price over a specified period. The bill establishes the Protect Consumers from Gas Price Hikes Fund to receive the collected tax amounts.