,,ii #aagth ,,congress #b;d ,session ,s4 #chjb ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #aj 7legislative day1 ,march #g71 #bjbb ,mr4 ,whitehouse 7for himself1 ,mr4 ,merkley1 ,ms4 ,warren1 ,mr4 ,sanders1 ,ms4 ,baldwin1 ,mr4 ,brown1 ,mr4 ,markey1 ,mr4 ,booker1 ,mr4 ,casey1 ,mr4 ,blumenthal1 ,mr4 ,bennet1 and ,mr4 ,reed7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to impose a windfall profits excise tax on crude oil and to rebate the tax collected back to individual taxpayers1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,big ,oil ,windfall ,profits ,tax ,act4 #b4 ,windfall profits tax 7a7 ,in general ,subtitle ,e of the ,internal ,revenue ,code of #aihf is amended by adding at the end thereof the following new chapter3 #ef ,windfall profits on crude oil ,sec4 #ehif4 ,imposition of tax4 ,sec4 #ehig4 ,definitions and special rules4 #ehif4 ,imposition of tax 7a7 ,in general ,in addition to any other tax imposed under this title1 in each calendar quarter there is hereby imposed on any covered taxpayer an excise tax at the rate determined under subsection 7b7 on-- 7#a7 each barrel of taxable crude oil extracted by the taxpayer within the ,united ,states and removed from the property of such taxpayer during the calendar quarter1 and 7#b7 each barrel of taxable crude oil entered into the ,united ,states during the calendar quarter by the taxpayer for consumption1 use1 or warehousing4 7b7 ,rate of tax 7#a7 ,in general ,the rate of tax imposed by this section on any barrel of taxable crude oil for any calendar quarter is the product of-- 7,a7 #ej percent1 and 7,b7 the excess 7if any7 of-- 7i7 the average price of a barrel of ,brent crude oil over the covered calendar quarter1 over 7ii7 the average price of a barrel of ,brent crude oil over the period beginning on ,january #a1 #bjae1 and ending on ,december #ca1 #bjai4 7#b7 ,inflation adjustment 7,a7 ,in general ,in the case of a calendar quarter beginning in any taxable year beginning after #bjbb1 the amount determined under paragraph 7#a77;,b77ii7 shall be increased by an amount equal to-- 7i7 such dollar amount1 multiplied by 7ii7 the cost-of-living adjustment determined under section #a7;f77#c7 for the calendar year in which the taxable year begins1 determined by substituting #bjba for #bjaf in subparagraph 7,a77ii7 thereof4 7,b7 ,rounding ,if any dollar amount1 after being increased under subparagraph 7,a71 is not a multiple of #j4ej1 such dollar amount shall be rounded to the next lowest multiple of #j4ja4 7c7 ,fractional part of barrel ,in the case of a fraction of a barrel1 the tax imposed by subsection 7a7 shall be the same fraction of the amount of such tax imposed on the whole barrel4 #ehig4 ,definitions and special rules 7a7 ,definitions ,for purposes of this chapter 7#a7 ,covered taxpayer 7,a7 ,in general ,the term covered taxpayer means1 with respect to any calendar quarter1 any taxpayer if-- 7i7 the average daily number of barrels of taxable crude oil extracted and imported by the taxpayer for calendar year #bjai exceeded #cjj1jjj barrels1 or 7ii7 the average daily number of barrels of taxable crude oil extracted and imported by the taxpayer for the calendar quarter exceeds #cjj1jjj4 7,b7 ,aggregation rules ,all persons treated as a single employer under subsection 7a7 or 7b7 of section #eb or subsection 7m7 or 7o7 of section #dad shall be treated as one person for purposes of paragraph 7#a74 7#b7 ,taxable crude oil ,the term taxable crude oil includes crude oil1 crude oil condensates1 and natural gasoline4 7#c7 ,barrel ,the term barrel means #db ,united ,states gallons4 7#d7 ,united ,states ,the term ,united ,states has the same meaning given such term under section #dfab4 7b7 ,withholding and deposit of tax ,the ,secretary shall provide such rules as are necessary for the withholding and deposit of the tax imposed under section #ehif on any taxable crude oil4 7c7 ,records and information ,each taxpayer liable for tax under section #ehif shall keep such records1 make such returns1 and furnish such information 7to the ,secretary and to other persons having an interest in the taxable crude oil7 with respect to such oil as the ,secretary may by regulations prescribe4 7d7 ,return of windfall profit tax ,the ,secretary shall provide for the filing and the time of such filing of the return of the tax imposed under section #ehif4 7e7 ,regulations ,the ,secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of this chapter4 4 7b7 ,clerical amendment ,the table of chapters for subtitle ,e of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new item3 ,chapter #ef4 ,windfall profits on crude oil4 4 7c7 ,effective date ,the amendments made by this section shall apply to crude oil removed or entered after the date of the enactment of this ,act1 in calendar quarters ending after such date4 #c4 ,gasoline price rebates 7a7 ,in general ,subchapter ,b of chapter #fe of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new section3 #fdcc4 ,gasoline price rebates 7a7 ,in general ,in the case of an eligible individual1 there shall be allowed as a credit against the tax imposed by subtitle ,a for each taxable year beginning after the date of the enactment of the ,big ,oil ,windfall ,profits ,tax ,act1 an amount equal to the sum of the gasoline price rebate amount for calendar quarters beginning in such taxable year4 7b7 ,gasoline price rebate amount ,for purposes of this section-- 7#a7 ,in general ,the term gasoline price rebate amount means1 with respect to any taxpayer for any calendar quarter beginning in a taxable year1 an amount determined by the ,secretary not later than #cj days after the end of such calendar quarter taking into account the number of eligible individuals and the amount of revenues in the ,protect ,consumers from ,gas ,hikes ,fund resulting from the tax imposed by section #ehif for the preceding calendar quarter4 7#b7 ,special rule for joint returns ,in the case of an eligible individual filing a joint return1 the gasoline price rebate amount shall be #aej percent of the amount determined under paragraph 7#a7 with respect to other taxpayers4 7#c7 ,limitation based on adjusted gross income ,the amount of the credit allowed by subsection 7a7 7determined without regard to this subsection and subsection 7e77 shall be reduced 7but not below zero7 by #e percent of so much of the eligible individual's adjusted gross income as exceeds-- 7,a7 #aej1jjj in the case of a joint return1 7,b7 #aab1ejj in the case of a head of household1 and 7,c7 #ge1jjj in any other case4 7c7 ,eligible individual ,for purposes of this section1 the term eligible individual means any individual other than-- 7#a7 any nonresident alien individual1 7#b7 any individual who is a dependent of another taxpayer for a taxable year beginning in the calendar year in which the individual's taxable year begins1 and 7#c7 an estate or trust4 7d7 ,definitions and special rules 7#a7 ,dependent defined ,for purposes of this section1 the term dependent has the meaning given such term by section #aeb4 7#b7 ,identification number requirement 7,a7 ,in general ,in the case of a return other than a joint return1 the gasoline price rebate amount in subsection 7b77#a7 shall be treated as being zero unless the taxpayer includes the valid identification number of the taxpayer on the return of tax for the taxable year4 7,b7 ,joint returns ,in the case of a joint return1 the gasoline price rebate amount in subsection 7b77#a7 shall be treated as being-- 7i7 #ej percent of the amount otherwise determined without regard to this paragraph if the valid identification number of only #a spouse is included on the return of tax for the taxable year1 and 7ii7 zero if the valid identification number of neither spouse is so included4 7,c7 ,valid identification number ,for purposes of this paragraph1 the term valid identification number means a social security number issued to an individual by the ,social ,security ,administration on or before the due date for filing the return for the taxable year4 7,d7 ,special rule for members of the ,armed ,forces ,subparagraph 7,b7 shall not apply in the case where at least #a spouse was a member of the ,armed ,forces of the ,united ,states at any time during the taxable year and the valid identification number of at least #a spouse is included on the return of tax for the taxable year4 7,e7 ,coordination with certain advance payments ,in the case of any payment determined pursuant to subsection 7f77#f71 a valid identification number shall be treated for purposes of this paragraph as included on the taxpayer's return of tax if such valid identification number is available to the ,secretary as described in such subsection4 7,f7 ,mathematical or clerical error authority ,any omission of a correct valid identification number required under this paragraph shall be treated as a mathematical or clerical error for purposes of applying section #fbac7;g77#b7 to such omission4 7#c7 ,credit treated as refundable ,the credit allowed by subsection 7a7 shall be treated as allowed by subpart ,c of part ,,iv of subchapter ,a of chapter #a4 7e7 ,coordination with advance refunds of credit 7#a7 ,reduction of refundable credit ,the amount of the credit which would 7but for this paragraph7 be allowable under subsection 7a7 for any taxable year shall be reduced 7but not below zero7 by the aggregate refunds and credits made or allowed to the taxpayer 7or1 except as otherwise provided by the ,secretary1 any dependent of the taxpayer7 under subsection 7f7 for such taxable year4 ,any failure to so reduce the credit shall be treated as arising out of a mathematical or clerical error and assessed according to section #fbac7;b77#a74 7#b7 ,joint returns ,except as otherwise provided by the ,secretary1 in the case of a refund or credit made or allowed under subsection 7f7 with respect to a joint return1 half of such refund or credit shall be treated as having been made or allowed to each individual filing such return4 7f7 ,advance refunds and credits 7#a7 ,in general ,subject to paragraphs 7#e7 and 7#f71 for any rebate taxable year1 each individual who was an eligible individual for the applicable taxable year shall be treated as having made a payment against the tax imposed by chapter #a for such applicable taxable year in an amount equal to advance refund amount for such rebate taxable year4 7#b7 ,advance refund amount 7,a7 ,in general ,for purposes of paragraph 7#a71 the advance refund amount for any rebate taxable year is the amount that would be allowed as a credit under this section for the applicable taxable year if this section 7other than subsection 7e7 and this subsection7 were applied to such applicable taxable year 7without regard to any effective date7 using the gasoline price rebate amount for the refund taxable year4 7,b7 ,treatment of deceased individuals ,for purposes of determining the advanced refund amount-- 7i7 any individual who was deceased before the first day of the rebate taxable year shall be treated for purposes of applying subsection 7d77#b7 in the same manner as if the valid identification number of such person was not included on the return of tax for the applicable taxable year 7except that subparagraph 7,d7 thereof shall not apply71 and 7ii7 notwithstanding clause 7i71 in the case of a joint return with respect to which only #a spouse is deceased before the first day of the rebate taxable year1 such deceased spouse was a member of the ,armed ,forces of the ,united ,states at any time during the applicable taxable year1 and the valid identification number of such deceased spouse is included on the return of tax for the applicable taxable year1 the valid identification number of #a 7and only #a7 spouse shall be treated as included on the return of tax for the applicable taxable year for purposes of applying subsection 7d77#b77;,b7 with respect to such joint return4 7#c7 ,timing and manner of payments ,the ,secretary shall1 subject to the provisions of this title1 refund or credit any overpayment attributable to this section and determined with respect to any calendar quarter not later than #ij days after the end of such calendar quarter4 ,no refund or credit shall be made or allowed under this subsection with respect to any applicable taxable year after the last day of the rebate taxable year4 7#d7 ,no interest ,no interest shall be allowed on any overpayment attributable to this subsection4 7#e7 ,application to individuals who have filed a return of tax for the year after the applicable taxable year 7,a7 ,application to returns filed at time of initial determination ,if1 at the time of any determination made pursuant to paragraph 7#c71 the individual referred to in paragraph 7#a7 has filed a return of tax for the individual's first taxable year beginning after the applicable taxable year1 paragraph 7#a7 shall be applied with respect to such individual by substituting taxable year following the applicable taxable year for applicable taxable year4 7,b7 ,additional payment 7i7 ,in general ,in the case of any individual who files1 before the additional payment determination date1 a return of tax for such individual's first taxable year beginning after the applicable taxable year1 the ,secretary shall make a payment 7in addition to any payment made under paragraph 7#a77 to such individual equal to the excess 7if any7 of-- 7,i7 the amount which would be determined under paragraph 7#a7 7after the application of subparagraph 7,a77 by applying paragraph 7#a7 as of the additional payment determination date1 over 7,,ii7 the amount of any payment made with respect to such individual under paragraph 7#a74 7ii7 ,additional payment determination date ,the term additional payment determination date means the earlier of-- 7,i7 the date which is #ij days after the date specified in section #fjgb7;a7 with respect to returns for the taxable year following the applicable taxable year 7determined after taking into account any period disregarded under section #gejh;,a if such disregard applies to substantially all returns for such taxable year71 or 7,,ii7 ,september #a of the calendar year following the applicable taxable year4 7#f7 ,application to certain individuals who have not filed a return of tax for the preceding two years ,in the case of any individual who1 at the time of any determination made pursuant to paragraph 7#c71 has filed a tax return for neither the applicable taxable year nor for the year following the applicable taxable year1 the ,secretary shall1 consistent with rules similar to the rules of section #fdbh;,a7f77#e77;,h77i71 apply paragraph 7#a7 on the basis of information available to the ,secretary and shall1 on the basis of such information1 determine the advance refund amount with respect to such individual without regard to subsection 7b77#b7 unless the ,secretary has reason to know that such amount would otherwise be reduced by reason of such subsection4 7#g7 ,special rule related to time of filing return ,solely for purposes of this subsection1 a return of tax shall not be treated as filed until such return has been processed by the ,internal ,revenue ,service4 7#h7 ,applicable taxable year2 rebate taxable year ,for purposes of this subsection-- 7,a7 ,rebate taxable year ,the term rebate taxable year means the taxable year for which a credit is allowed under this section4 7,b7 ,applicable taxable year ,the term applicable taxable year means the second taxable year preceding the rebate taxable year4 7g7 ,regulations ,the ,secretary shall prescribe such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section1 including-- 7#a7 regulations or other guidance providing taxpayers the opportunity to provide the ,secretary information sufficient to allow the ,secretary to make payments to such taxpayers under subsection 7f7 7including the determination of the amount of such payment7 if such information is not otherwise available to the ,secretary1 and 7#b7 regulations or other guidance to ensure to the maximum extent administratively practicable that1 in determining the amount of any credit under subsection 7a7 and any credit or refund under subsection 7f71 an individual is not taken into account more than once1 including by different taxpayers and including by reason of a change in joint return status or dependent status between the taxable year for which an advance refund amount is determined and the taxable year for which a credit under subsection 7a7 is determined4 7h7 ,outreach ,the ,secretary shall carry out a robust and comprehensive outreach program to ensure that all taxpayers described in subsection 7g77#a7 learn of their eligibility for the advance refunds and credits under subsection 7f72 are advised of the opportunity to receive such advance refunds and credits as provided under subsection 7g77#a72 and are provided assistance in applying for such advance refunds and credits4 4 7b7 ,treatment of certain possessions 7#a7 ,payments to possessions with mirror code tax systems ,the ,secretary of the ,treasury shall pay to each possession of the ,united ,states which has a mirror code tax system amounts equal to the loss 7if any7 to that possession by reason of the amendments made by this section4 ,such amounts shall be determined by the ,secretary of the ,treasury based on information provided by the government of the respective possession4 7#b7 ,payments to other possessions ,the ,secretary of the ,treasury shall pay to each possession of the ,united ,states which does not have a mirror code tax system amounts estimated by the ,secretary of the ,treasury as being equal to the aggregate benefits 7if any7 that would have been provided to residents of such possession by reason of the amendments made by this section if a mirror code tax system had been in effect in such possession4 ,the preceding sentence shall not apply unless the respective possession has a plan1 which has been approved by the ,secretary of the ,treasury1 under which such possession will promptly distribute such payments to its residents4 7#c7 ,inclusion of administrative expenses ,the ,secretary of the ,treasury shall pay to each possession of the ,united ,states to which the ,secretary makes a payment under paragraph 7#a7 or 7#b7 an amount equal to the increase 7if any7 of the administrative expenses of such possession-- 7,a7 in the case of a possession described in paragraph 7#a71 by reason of the amendments made by this section1 and 7,b7 in the case of a possession described in paragraph 7#b71 by reason of carrying out the plan described in such paragraph1 or ,the amount described in subparagraph 7,a7 shall be determined by the ,secretary of the ,treasury based on information provided by the government of the respective possession4 7#d7 ,coordination with credit allowed against united states income taxes ,no credit shall be allowed against ,united ,states income taxes under section #fdcc of the ,internal ,revenue ,code of #aihf 7as added by this section71 nor shall any credit or refund be made or allowed under subsection 7f7 of such section1 to any person-- 7,a7 to whom a credit is allowed against taxes imposed by the possession by reason of the amendments made by this section1 or 7,b7 who is eligible for a payment under a plan described in paragraph 7#b74 7#e7 ,mirror code tax system ,for purposes of this subsection1 the term mirror code tax system means1 with respect to any possession of the ,united ,states1 the income tax system of such possession if the income tax liability of the residents of such possession under such system is determined by reference to the income tax laws of the ,united ,states as if such possession were the ,united ,states4 7#f7 ,treatment of payments ,for purposes of section #acbd of title #ca1 ,united ,states ,code1 the payments under this subsection shall be treated in the same manner as a refund due from a credit provision referred to in subsection 7b77#b7 of such section4 7c7 ,administrative provisions 7#a7 ,definition of deficiency ,section #fbaa7;b77#d77;,a7 of the ,internal ,revenue ,code of #aihf is amended by striking #fdbh;,a1 #fdbh;,b and inserting #fdbh;,a1 #fdbh;,b1 #fdcc14 7#b7 ,exception from reduction or offset ,any refund payable by reason of section #fdcc7;f7 of the ,internal ,revenue ,code of #aihf 7as added by this section71 or any such refund payable by reason of subsection 7b7 of this section1 shall not be-- 7,a7 subject to reduction or offset pursuant to subsection 7c71 7d71 7e71 or 7f7 of section #fdjb of the ,internal ,revenue ,code of #aihf or any similar authority permitting offset1 or 7,b7 reduced or offset by other assessed ,federal taxes that would otherwise be subject to levy or collection4 7#c7 ,conforming amendments 7,a7 ,paragraph 7#b7 of section #acbd7;b7 of title #ca1 ,united ,states ,code1 is amended by inserting #fdcc1 after #fdca14 7,b7 ,the table of sections for subchapter ,b of chapter #fe of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new item3 ,sec4 #fdcc4 ,gasoline price rebates4 4 #d4 ,protect ,consumers from ,gas ,price ,hikes ,fund 7a7 ,in general ,subchapter ,a of chapter #ih of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new section3 #ieab4 ,protect ,consumers from ,gas ,price ,hikes ,fund 7a7 ,establishment and funding ,there is hereby established in the ,treasury of the ,united ,states a trust fund to be referred to as the ,protect ,consumers from ,gas ,hikes ,fund1 consisting of such amounts as may be appropriated or credited to such trust fund as provided for in this section and section #ifjb7;b74 7b7 ,transfers to the ,protect ,consumers from ,gas ,price ,hikes ,fund ,there are hereby appropriated to the ,protect ,consumers from ,gas ,hikes ,fund amounts equivalent to the taxes received in the ,treasury under section #ehif4 7c7 ,use of funds ,the ,secretary shall pay from time to time from the ,protect ,consumers from ,gas ,price ,hikes ,fund to the general fund of the ,treasury amounts equal to the amounts of refunds provided under section #fdcc4 4 7b7 ,clerical amendment ,the table of sections for subchapter ,a of chapter #ih of such ,code is amended by adding at the end the following new item3 ,sec4 #ieab4 ,protect ,consumers from ,gas ,price ,hikes ,fund4 4