The bill would impose a 50% fee on the excess profits of integrated oil companies for tax years starting after December 31, 2025. Excess profit is the company’s adjusted taxable income above a benchmark based on its average adjusted taxable income for tax years beginning from 2021 through 2025, excluding the highest year, plus 10%. The bill would direct portions of the fee revenue to the Highway Trust Fund, its Mass Transit Account, and the Leaking Underground Storage Tank Trust Fund.
Integrated oil companies could owe the fee if their adjusted taxable income exceeds the bill’s benchmark. The bill does not specify direct changes for individuals. No publicly available information on other effects for individuals.
Affected companies would pay a fee equal to 50% of their excess profit. The bill gives no estimate of total revenue or costs.
No publicly available information.
No publicly available information.