To create a state windfall profits tax. Tax rates would range from 10% for gasoline selling for $1.75 per gallon to 30% for gasoline selling for $2.75 or more. Oil companies would not be subject to a windfall profits tax for gasoline priced below $1.75 per gallon. The tax is designed to force oil companies to set gasoline prices at historically reasonable levels. Revenues generated from a windfall profits tax would be used to partially offset the adverse effects of high gasoline prices. The revenue would provide additional funding for public goods and services that are linked to the current costs of energy and the development of renewable in-state energy resources.   Official Text and Analysis.