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.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 8803 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 8803 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. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES May 13, 2026 Mr. Sherman introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL 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. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Iran War Oil Crisis Windfall Profits Tax Act''. SEC. 2. WINDFALL PROFITS TAX. (a) In General.--Subtitle E of the Internal Revenue Code of 1986 is amended by adding at the end thereof the following new chapter: ``CHAPTER 56--WINDFALL PROFITS ON CRUDE OIL ``Sec. 5896. Imposition of tax. ``Sec. 5897. Definitions and special rules. ``SEC. 5896. IMPOSITION OF TAX. ``(a) In General.--In addition to any other tax imposed under this title, in each applicable calendar quarter there is hereby imposed on any covered taxpayer an excise tax at the rate determined under subsection (c) on-- ``(1) each barrel of taxable crude oil extracted by the taxpayer within the United States and removed from the property of such taxpayer during the calendar