Oil Company Windfall Profits Tax Act of 2026

This bill would add a new federal fee on integrated oil companies equal to 50 percent of their "excess profit" for tax years beginning after December 31, 2025. Excess profit is the amount a company's adjusted taxable income for the year goes above its average income from a five-year period starting in 2021 (leaving out the highest year), plus 10 percent. Most of the money collected would go to the Highway Trust Fund, with part of that moved to the Mass Transit Account, and a small share would go to the Leaking Underground Storage Tank Trust Fund. Companies could deduct the fee when figuring their federal income taxes, and related companies under common control would be treated as one company.

Full text and official record on Congress.gov

Sponsors

• Adam B. Schiff Democrat sponsor
• 0 cosponsors