Iran War Oil Crisis Windfall Profits Tax Act
In committee: it can still change before the session ends.
- Stage
- In committee
- Started in
- House
- Sponsor
- 1
- Latest action
- May 13, 2026
What it does
The bill would impose a windfall profits excise tax on crude oil extracted or imported into the United States when the price of West Texas Intermediate oil exceeds $75 per barrel, with the tax rate equal to the amount by which the oil price exceeds $75, adjusted for inflation. The tax would apply only during calendar quarters beginning with the bill’s enactment and ending when the President declares that hostilities with Iran have ceased, the Strait of Hormuz is fully reopened, and oil prices fall below $75 per barrel. Revenues from the tax would be deposited into the Iran War Gasoline Price Relief Fund and used to provide refundable gasoline price rebates to eligible individuals (excluding…
No official summary is available here. This one was written by AI from the bill’s text.
Where it stands
Introduced (Done)
Committee (Current step)
Floor (Not started)
Law (Not started)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
In the news
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Where it goes next
While a bill can still move, the questions are about people and money.