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.

119-hr8803 — 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.. Sponsored by Rep. Sherman, Brad [D-CA-32]. Introduced 2026-05-13. House bill. 119th Congress. Latest action: Referred to the House Committee on Ways and Means.

No roll-call vote data available for this bill.