To amend the Internal Revenue Code of 1986 to impose a windfall profits excise tax on crude oil and to rebate the tax collected back to individual taxpayers until the President declares that all hostilities with Iran have ceased, the Strait of Hormuz is fully reopened, and the price of oil drops below $75 per barrel.

Referred to the House Committee on Ways and Means.

2026-05-13

The bill would add a special tax on oil company profits when crude oil prices are high, then return the money collected to individual taxpayers as rebates. The rebates would continue until the President confirms that fighting with Iran has ended, the Strait of Hormuz shipping route is fully open, and oil prices fall below $75 per barrel. This would affect oil companies' profits and provide temporary tax relief to American taxpayers during periods of high oil prices.