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H.R. 7871 (117th): People Over Petroleum Act

We don’t have a summary available yet.

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jun 6, 2022.

People Over Petroleum Act

This bill repeals or limits certain fossil fuel subsidies for large oil companies. It also allows individual taxpayers a 2022 gas prices rebate for the first taxable year beginning in 2022. The bill defines 2022 gas prices rebate as the sum of $500 ($1,000 for joint returns), plus $500 times the number of taxpayer dependents who had attained the age of 16 as of the end of the taxable year.

The bill allows advance payments of the rebate and requires taxpayers to provide a Social Security account number on their tax returns.