# 119-hr-7960: Big Oil Windfall Profits Tax Act

119-hr-7960, Big Oil Windfall Profits Tax Act, is a 119th Congress bill sponsored by Rep. Khanna, Ro [D-CA-17] (D-CA); status introduced; PRIA reads it as touching household money (as of 2026-09-21).

- Canonical: https://policyrisk.com/legislation/119-hr-7960
- As of: 2026-09-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-7960
- Congress: 119
- Title: Big Oil Windfall Profits Tax Act
- Status: introduced
- Introduced: 2026-03-17
- Sponsor: Rep. Khanna, Ro [D-CA-17] (D-CA)
- Cosponsors: 27
- Policy area: Taxation
- Touches household money: yes
- Last recorded action: 2026-09-21

## Summary

**A quarterly windfall tax on crude oil paired with refundable gasoline rebates.** The bill would tax large domestic producers and importers when Brent crude prices exceed a 2025 baseline and use those receipts to fund quarterly consumer rebates through a new Treasury trust fund. - Large oil producers and importers: Entities that averaged more than 300,000 barrels per day would face a quarterly windfall profits tax. The rate would be 50% of the dollar gap between the quarter's average Brent price and the 2025 average, adjusted for inflation. - Households and drivers: Eligible individuals would receive a refundable Gasoline Price Rebate claimed on individual tax returns. The Treasury would set quarterly rebate amounts from fund receipts, joint filers get 150% of a single filer’s rebate, and the credit phases out starting at $150,000 AGI for joint returns. - Treasury and tax administration: The bill would create the Protect Consumers from Gas Price Hikes Fund to hold windfall receipts and pay refunds, add a new Chapter 56 to the tax code, and impose new withholding, reporting, and recordkeeping rules tied to quarters after December 31, 2025. *Net effect: would raise federal revenues in quarters when Brent prices exceed the 2025 baseline and direct those receipts into a Treasury trust fund to finance quarterly gasoline rebates.*

## Cosponsors (27)

- Rep. Magaziner, Seth [D-RI-2] (D-RI), 2026-03-17T00:00:00.000Z
- Rep. Tlaib, Rashida [D-MI-12] (D-MI), 2026-03-17T00:00:00.000Z
- Rep. DeLauro, Rosa L. [D-CT-3] (D-CT), 2026-03-18T00:00:00.000Z
- Rep. Quigley, Mike [D-IL-5] (D-IL), 2026-03-26T00:00:00.000Z
- Rep. Amo, Gabe [D-RI-1] (D-RI), 2026-04-16T00:00:00.000Z
- Rep. Green, Al [D-TX-9] (D-TX), 2026-04-30T00:00:00.000Z
- Rep. Huffman, Jared [D-CA-2] (D-CA), 2026-05-12T00:00:00.000Z
- Rep. Pingree, Chellie [D-ME-1] (D-ME), 2026-05-14T00:00:00.000Z
- Rep. Jayapal, Pramila [D-WA-7] (D-WA), 2026-05-19T00:00:00.000Z
- Rep. Grijalva, Adelita S. [D-AZ-7] (D-AZ), 2026-06-02T00:00:00.000Z
- Del. Norton, Eleanor Holmes [D-DC-At Large] (D-DC), 2026-06-02T00:00:00.000Z
- Rep. Sherman, Brad [D-CA-32] (D-CA), 2026-06-03T00:00:00.000Z
- Rep. Casar, Greg [D-TX-35] (D-TX), 2026-06-04T00:00:00.000Z
- Rep. McGovern, James P. [D-MA-2] (D-MA), 2026-06-08T00:00:00.000Z
- Rep. Cohen, Steve [D-TN-9] (D-TN), 2026-06-10T00:00:00.000Z
- Rep. Lofgren, Zoe [D-CA-18] (D-CA), 2026-06-15T00:00:00.000Z
- Rep. Pocan, Mark [D-WI-2] (D-WI), 2026-06-18T00:00:00.000Z
- Rep. Balint, Becca [D-VT-At Large] (D-VT), 2026-06-18T00:00:00.000Z
- Rep. Schakowsky, Janice D. [D-IL-9] (D-IL), 2026-06-23T00:00:00.000Z
- Rep. Tokuda, Jill N. [D-HI-2] (D-HI), 2026-07-02T00:00:00.000Z
- Rep. Mejia, Analilia [D-NJ-11] (D-NJ), 2026-07-02T00:00:00.000Z
- Rep. Simon, Lateefah [D-CA-12] (D-CA), 2026-07-13T00:00:00.000Z
- Rep. McCollum, Betty [D-MN-4] (D-MN), 2026-07-13T00:00:00.000Z
- Rep. Bonamici, Suzanne [D-OR-1] (D-OR), 2026-07-15T00:00:00.000Z
- Rep. Ansari, Yassamin [D-AZ-3] (D-AZ), 2026-07-22T00:00:00.000Z
- Rep. Frost, Maxwell [D-FL-10] (D-FL), 2026-08-31T00:00:00.000Z
- Rep. Lee, Summer L. [D-PA-12] (D-PA), 2026-09-14T00:00:00.000Z

## Provisions PRIA read

- Quarterly gasoline rebates for households: benefit, high. If enacted, this would create a refundable quarterly gasoline rebate for eligible individuals starting in calendar quarters beginning after December 31, 2025. The Treasury Secretary would set the per-person rebate within 30 days after each quarter using the Protect Consumers from Gas Price Hikes Fu…
- New windfall tax on big oil: cost, high. If enacted, this would impose a quarterly windfall profits tax on "covered taxpayers" for each taxable barrel extracted in the United States or entered into the United States after December 31, 2025. The per-barrel tax rate would equal 50% of the amount the quarter's average Brent crude price is ab…

## Related bills

- 119-hr-51: Washington, D.C. Admission Act
- 119-hr-7973: Momnibus Act
- 119-hr-20: Richard L. Trumka Protecting the Right to Organize Act of 2025
- 119-hr-5390: FAMILY Act
- 119-hr-15: Equality Act
- 119-hr-1589: American Dream and Promise Act of 2025

## Sources
- [119-hr-7960 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/7960)

## Related
- [119-hr-51: Washington, D.C. Admission Act](https://policyrisk.com/legislation/119-hr-51)
- [119-hr-7973: Momnibus Act](https://policyrisk.com/legislation/119-hr-7973)
- [119-hr-20: Richard L. Trumka Protecting the Right to Organize Act of 2025](https://policyrisk.com/legislation/119-hr-20)
- [119-hr-5390: FAMILY Act](https://policyrisk.com/legislation/119-hr-5390)
- [119-hr-15: Equality Act](https://policyrisk.com/legislation/119-hr-15)
- [119-hr-1589: American Dream and Promise Act of 2025](https://policyrisk.com/legislation/119-hr-1589)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-7960 (as of 2026-09-21).