Iran War Oil Crisis Windfall Profits Tax Act imposes a tax on crude oil profits and rebates the revenue to taxpayers until certain conditions are met.
The Iran War Oil Crisis Windfall Profits Tax Act amends the Internal Revenue Code to impose an excise tax on windfall profits from crude oil. This tax applies to any covered taxpayer whose average daily extraction and import of taxable crude oil exceeds 100,000 barrels. The tax rate is based on the price of West Texas Intermediate oil exceeding $75 per barrel.
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