H.R. 8803 — Iran War Oil Crisis Windfall Profits Tax Act

This section imposes an excise tax on covered taxpayers equal to 100 percent of the amount by which the West Texas Intermediate price exceeds $75 per barrel. The tax applies to each barrel of taxable crude oil (including crude oil, condensates, natural gasoline, gasoline, and diesel) extracted in or entered into the United States by taxpayers averaging more than 100,000 barrels daily, for calendar quarters beginning with the quarter of enactment and ending when hostilities with Iran cease, the Strait of Hormuz reopens, and the price falls below $75.

This section establishes a refundable tax credit for gasoline price rebates for eligible individuals (i.e., US residents who are not dependents, estates, or trusts) for taxable years beginning after December 31, 2025. The credit equals the sum of quarterly amounts determined by the Secretary based on the number of eligible individuals and revenues from the tax imposed by section 5896 in the Iran War Gasoline Price Relief Fund. It requires the Secretary to issue regulations within 90 days and conduct outreach within 30 days, and directs equivalent payments to US possessions.

This section establishes the Iran War Gasoline Price Relief Fund in the Treasury. It appropriates to the fund amounts equivalent to taxes received under section 5896 and directs the Secretary to pay from the fund to the general fund amounts equal to refunds provided under section 6436. The changes apply to taxable years beginning after December 31, 2025.