H.R. 8803
Iran War Oil Crisis Windfall Profits Tax Act
Sponsor: Brad Sherman · 0 cosponsors
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Text of the bill
(a) In general. Subchapter A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:
9512. Iran War Gasonline Price Relief Fund
(a) Establishment and funding. There is hereby established in the Treasury of the United States a trust fund to be referred to as the Iran War Gasonline Price Relief Fund, consisting of such amounts as may be appropriated or credited to such trust fund as provided for in this section and section 9602(b).
(b) Transfers to the Iran War Gasonline Price Relief Fund. There are hereby appropriated to the Iran War Gasonline Price Relief Fund amounts equivalent to the taxes received in the Treasury under section 5896.
(c) Use of funds. The Secretary shall pay from time to time from the Iran War Gasonline Price Relief Fund to the general fund of the Treasury amounts equal to the amounts of refunds provided under section 6436.
(b) Clerical amendment. The table of sections for subchapter A of chapter 98 of such Code is amended by adding at the end the following new item:
Sec. 9512. Iran War Gasonline Price Relief Fund.
(c) Effective date. The amendments made by this section shall apply to taxable years beginning after December 31, 2025.