# 119-hr-8803: Iran War Oil Crisis Windfall Profits Tax Act

119-hr-8803, Iran War Oil Crisis Windfall Profits Tax Act, is a 119th Congress bill sponsored by Rep. Sherman, Brad [D-CA-32] (D-CA); status introduced; PRIA reads it as touching household money (as of 2026-09-21).

- Canonical: https://policyrisk.com/legislation/119-hr-8803
- As of: 2026-09-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-8803
- Congress: 119
- Title: Iran War Oil Crisis Windfall Profits Tax Act
- Status: introduced
- Introduced: 2026-05-13
- Sponsor: Rep. Sherman, Brad [D-CA-32] (D-CA)
- Cosponsors: 0
- Policy area: Taxation
- Touches household money: yes
- Last recorded action: 2026-09-21

## Summary

**This bill would create a new nationwide quarterly *windfall profits tax on crude oil* and use those revenues to fund quarterly gasoline price rebates tied to oil prices and Iran-related disruptions.** It targets sudden oil price spikes by taxing the amount WTI exceeds $75 per barrel and directing proceeds into a dedicated relief fund for individual rebates. - Large oil producers and importers would pay the tax if their average daily extraction or imports exceed 100,000 barrels, with the tax equal to the WTI price above $75 per barrel for each applicable quarter. - Drivers and households would be eligible for refundable gasoline price rebate credits for tax years after 2025, with rebate amounts set quarterly based on fund revenue and the count of eligible individuals. - U.S. territories would receive payments to offset losses or estimated benefits under their tax systems, and the Treasury would hold collections in an "Iran War Gasoline Price Relief Fund" to finance rebates.

## Provisions PRIA read

- Refundable gasoline rebates for individuals: benefit, high. If enacted, this bill would create a refundable gasoline-price rebate people could claim on their tax return for tax years starting after December 31, 2025. The IRS would set each quarter's payment within 30 days after the quarter ends and would issue rules within 90 days of enactment and do outrea…
- Windfall oil tax on large producers: cost, high. If enacted, the bill would impose a temporary quarterly windfall excise tax on large crude producers and importers when the quarterly average WTI price is over $75 per barrel. The per-barrel tax would equal 100% times the amount WTI exceeds $75, apply to taxable crude oil produced or entered after…

## Related bills

- 119-hr-6644: 21st Century ROAD to Housing Act
- 119-hr-3151: SHIPS for America Act of 2025
- 119-hr-7481: Department of Homeland Security Appropriations Act, 2026
- 119-hr-7973: Momnibus Act
- 119-hr-3069: Medicare for All Act
- 119-hr-562: BLUE Pacific Act

## Sources
- [119-hr-8803 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/8803)

## Related
- [119-hr-6644: 21st Century ROAD to Housing Act](https://policyrisk.com/legislation/119-hr-6644)
- [119-hr-3151: SHIPS for America Act of 2025](https://policyrisk.com/legislation/119-hr-3151)
- [119-hr-7481: Department of Homeland Security Appropriations Act, 2026](https://policyrisk.com/legislation/119-hr-7481)
- [119-hr-7973: Momnibus Act](https://policyrisk.com/legislation/119-hr-7973)
- [119-hr-3069: Medicare for All Act](https://policyrisk.com/legislation/119-hr-3069)
- [119-hr-562: BLUE Pacific Act](https://policyrisk.com/legislation/119-hr-562)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-8803 (as of 2026-09-21).