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Excise tax

A special tax placed on the sale or production of certain goods or services, like crude oil, rather than on income or property.

Windfall profits

Unexpectedly large profits, especially those that happen because of sudden events like a sharp increase in market prices or demand, rather than business innovation or risk.

Crude oil

Petroleum in its natural, unprocessed state as it comes out of the ground, before it is refined into products like gasoline or diesel.

Brent crude oil

A specific type of crude oil from the North Sea that is often used as a global benchmark or reference price for oil prices worldwide.

Tax credit

An amount that you can subtract directly from the amount of tax you owe, rather than from your income. This reduces your tax bill dollar for dollar.

Adjusted Gross Income (AGI)

Your total gross income from all sources minus certain allowed deductions. This figure is used to calculate your tax liability and eligibility for various tax benefits.

Covered taxpayer

For this bill, it refers to a large oil company that extracts or imports more than 300,000 barrels of crude oil per day.