S.4111

Big Oil Windfall Profits Tax Act imposes a tax on crude oil profits and rebates the revenue to taxpayers.

The Big Oil Windfall Profits Tax Act amends the Internal Revenue Code to impose a windfall profits excise tax on crude oil. The tax applies to covered taxpayers extracting or importing over 300,000 barrels of crude oil daily. The tax rate is 50% of the difference between the average Brent crude oil price for the quarter and the 2025 average price. The collected tax funds the Protect Consumers from Gas Price Hikes Fund, which provides rebates to eligible individual taxpayers. The rebates are calculated based on the number of eligible individuals and the fund's revenue.