HB8803: Iran War Oil Crisis Windfall Profits Tax Act
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
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.
Plain-language summary
This bill would add a special tax on crude oil profits, called a windfall profits excise tax, to the Internal Revenue Code. Money collected from this tax would be rebated, or returned, to individual taxpayers. The rebates would continue until the President declares three conditions are met: all fighting with Iran has stopped, the Strait of Hormuz shipping channel is fully open, and oil prices fall below $75 per barrel. The bill was introduced by Representative Brad Sherman and is currently in the early stages of the legislative process.
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HB8803: Iran War Oil Crisis Windfall Profits Tax Act