Bill · S. 5569· Senate(119-S-5569)
Oil Company Windfall Profits Tax Act of 2026
- Introduced
- 9/28/2026
- Last activity
- 9/28/2026 — Read twice and referred to the Committee on Finance.
- Sponsored by
- Adam Schiff
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
This bill is called the "Oil Company Windfall Profits Tax Act of 2026." It creates a new fee on excess oil profits for applicable taxpayers. The fee is an excise fee equal to 50 percent of the excess profit for any taxable year beginning after December 31, 2025. An applicable taxpayer is defined as any integrated oil company. The revenue collected from this fee is transferred to the Highway Trust Fund and the Leaking Underground Storage Tank Trust Fund.
Yes· 3 of 5
Does this raise the taxes companies pay?+6
The bill imposes a 50 percent excise fee on the excess profits of integrated oil companies.
Does this repair or build roads and bridges?+4
A portion of the revenue collected from the excess oil profit fee is transferred directly to the Highway Trust Fund.
Does this improve buses, trains and other public transport?+4
Revenue from the fee is also allocated to the Mass Transit Account to support public transportation systems.
The opposite· 3 of 4
Would business owners be better off under this?-3
The bill targets integrated oil companies with a significant new tax burden on excess profits.
Would high-income households be better off under this?-2
Investors and shareholders in major integrated oil corporations may see reduced profits and dividends.
Would people with substantial wealth be better off under this?-2
High-net-worth individuals with substantial holdings in oil corporations could experience lower returns.
Who it would affect, and how
Potential Positive Impacts for People
- Section 2(b) - This section transfers a portion of the revenue collected from the excess oil profit fee into the Highway Trust Fund and the Mass Transit Account. This might be considered positive because it provides funding for public infrastructure and transportation systems.
Potential Negative Impacts for People
- Section 2(a) - This section imposes a 50 percent excise fee on the excess profit of applicable taxpayers, which are integrated oil companies. This might be considered a burden or negative consequence for the companies and potentially consumers if the costs are passed down, though the text only explicitly states the fee is imposed on the taxpayer.
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+6Reduces National Debt+3
- Demographic And Interest Groups
- Good For Business Owners-3Good For High Income Households-2Good For High Net Worth Individuals-2
- Environment Energy And Infrastructure
- Improves Public Transit+4Improves Roads And Bridges+4Reduces Fossil Fuel Production-2
- Governance And Ideology
- Increases Federal Power+2
- 9/28/2026
- Read twice and referred to the Committee on Finance.
- Introduced in Senate