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Since you have been viewing this page, the big oil companies have collected this much money in windfall profits.

Windfall Profits

The Windfall Profits Rebate Act of 2005 (S. 1631) imposes a temporary windfall profits tax on big oil companies and uses the revenues to provide a rebate to American consumers to help offset the higher cost of oil and gasoline products.

Windfall profits tax on crude oil

Specifically, this legislation imposes a 50-percent excise tax on the windfall profits earned by major integrated U.S. oil companies on the sale of all barrels of crude oil derived from existing wells. For this purpose, windfall profits means the amount that a barrel of oil sold exceeds $40 per barrel.

Windfall profits would be exempted from the tax if they were used for investments in the exploration and development of new sources of oil and gas, for investments in the production of renewable fuels or to increase their domestic refinery capacity. Under the bill, any windfall profits taxes paid would be considered a cost of doing business and allowed as a deductible expense for purposes of determining a paying company’s income tax liability.

Energy Consumer Rebate

The annual revenues collected from the profits tax are returned to individual taxpayers in the form of a rebate. A rebate check will be sent to each taxpayer no later than March 1 of the next calendar year. The rebate is not available to taxpayers claimed as dependents by another taxpayer, by estates or trusts, or by any nonresident alien individuals.

Click here for the status of S. 1631.

Dorgan Introduces Bill to Provide Consumer Rebates From Oil Company Windfall Profits as Gasoline Prices Soar

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