Iran War Oil Crisis Windfall Profits Tax Act

Hozzl · 2026-06-03T17:21:58Z

Explore the details of House Bill 8803 Iran War Oil Crisis Windfall Profits Tax Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

6/3/2026, 5:21 PM

Summary of Bill HR 8803

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.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill HR 8803

Bill HR 8803 is currently in the status of Bill Introduced since May 13, 2026. Bill HR 8803 was introduced during Congress 119 and was introduced to the House on May 13, 2026. Bill HR 8803's most recent activity was Referred to the House Committee on Ways and Means. as of May 13, 2026

Bipartisan Support of Bill HR 8803

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 8803

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 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.