Iran War Oil Crisis Windfall Profits Tax Act

The bill titled "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," with the designation H.R. 8803 in the 119th Congress, introduced on May 13, 2026, aims to levy a windfall profits excise tax specifically on crude oil. The tax collected will be returned to individual taxpayers until the specified conditions are met, including the cessation of hostilities with Iran, full reopening of the Strait of Hormuz, and oil price falling below $75 per barrel.