Bill · H.R. 8803· House(119-HR-8803)
Iran War Oil Crisis Windfall Profits Tax Act
- Introduced
- 5/13/2026
- Last activity
- 5/13/2026 — Referred to the House Committee on Ways and Means.
- Sponsored by
- Brad Sherman
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
This bill, titled the "Iran War Oil Crisis Windfall Profits Tax Act," aims to amend the Internal Revenue Code of 1986. It imposes a new excise tax on covered taxpayers regarding specific barrels of taxable crude oil. This tax applies to oil extracted within the United States or entered into the country for consumption. The tax continues until the President declares hostilities with Iran have ceased, the Strait of Hormuz is reopened, and oil prices fall below $75 per barrel. Collected tax revenues are intended to be rebated to eligible individuals through gasoline price rebates.
Yes· 3 of 5
Does this raise the taxes companies pay?+7
The bill imposes a new excise tax on large oil taxpayers extracting or importing more than 100,000 barrels of crude oil daily.
Would households on low incomes be better off under this?+4
The gasoline price rebates provide direct financial relief to eligible individual taxpayers.
Would middle-income households be better off under this?+3
The gasoline price rebate credits are intended to offset the impact of high oil prices on individual taxpayers.
The opposite· 3 of 4
Would business owners be better off under this?-5
Large-scale oil producers will face a significant new excise tax on their profits.
Is this likely to grow the economy?-2
The imposition of a windfall profit tax on oil production may act as a disincentive for large-scale energy extraction.
Would high-income households be better off under this?-1
The bill focuses on redistributing tax revenue from large corporations to individual taxpayers.
Who it would affect, and how
Potential Positive Impacts for People
-
Gasoline Price Rebates: Eligible individuals can receive a credit against their taxes based on the revenue collected from the windfall profits tax (Section 3(a) and Section 3(b)).
-
Financial Relief for Possessions: U.S. possessions will receive payments to cover losses or administrative expenses resulting from the amendments in the bill (Section 3(b)(1) through Section 3(b)(3)).
-
Taxpayer Outreach: The Secretary is required to run a robust and comprehensive outreach program to ensure taxpayers know they are eligible for credits and how to claim them (Section 3(f)).
Potential Negative Impacts for People
-
Increased Tax Burden on Large Oil Taxpayers: Covered taxpayers—defined as those extracting or importing more than 100,000 barrels of taxable crude oil daily—will be subject to an excise tax on barrels of oil when the price exceeds $75 per barrel (Section 2(a) and Section 2(a)(1)).
-
Exclusion of Certain Individuals from Rebates: Nonresident alien individuals, dependents of other taxpayers, and estates or trusts are not considered "eligible individuals" for the gasoline price rebate (Section 3(c)(1) through Section 3(c)(3)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Increases Corporate Taxes+7Improves Economic Growth-2
- Demographic And Interest Groups
- Good For Low Income Households+4Good For Middle Class Households+3Good For Urban Residents+2Good For Business Owners-5Good For High Income Households-1
- Social Issues And Justice
- Improves Poverty Reduction+3
- Environment Energy And Infrastructure
- Reduces Fossil Fuel Production-1
- 5/13/2026
- Referred to the House Committee on Ways and Means.
- Introduced in House