H.R. 7926 · 117th Congress
Federal Gas Tax Suspension and Windfall Profits Tax Act of 2022
- Stage
- In committee
- Sponsor
- Adam Schiff
- Introduced
- 2022-05-31
- Latest action
- 2022-05-31 · Introduced in House
Summary
Federal Gas Tax Suspension and Windfall Profits Tax Act of 2022
This bill suspends the excise tax on gasoline (other than aviation gasoline) until December 31, 2023. It also imposes a 50% tax on the excess profits of certain large oil companies in the first taxable year after 2021.