Iran War Oil Crisis Windfall Profits Tax Act

This bill would create a federal excise tax on crude oil and certain fuels, including gasoline and diesel, that are extracted in or imported into the United States by companies handling more than 100,000 barrels per day. The tax would equal 100 percent of the amount by which the West Texas Intermediate oil price exceeds $75 per barrel, with that $75 figure adjusted for inflation after 2026. The tax would continue each quarter until the President declares hostilities with Iran have ended, the Strait of Hormuz is fully reopened, and the oil price falls below $75. Money from the tax would go into a new Treasury trust fund and be paid back to eligible individuals as a refundable tax credit. Dependents, nonresident aliens, and estates or trusts would not qualify for the credit, and U.S. territories would receive payments for their residents.

Full text and official record on Congress.gov

Sponsors

• Brad Sherman Democrat sponsor
• 0 cosponsors