Introduced
H. R. 8803
Introduced in House · June 2, 2026May 13, 2026
Mr. Sherman introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
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.
Imposition of tax
Definitions and special rules
Gasoline price rebates
Iran War Gasonline Price Relief Fund
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. Short title.
This Act may be cited as the “Iran War Oil Crisis Windfall Profits Tax Act”.