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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5983 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 5983
To amend the Internal Revenue Code of 1986 to establish a National
Resilience and Recovery Fund, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
November 7, 2025
Ms. Stansbury (for herself, Ms. Balint, Mr. Huffman, Mr. Carson, and
Ms. Norton) introduced the following bill; which was referred to the
Committee on Ways and Means, and in addition to the Committees on
Transportation and Infrastructure, and Financial Services, for a period
to be subsequently determined by the Speaker, in each case for
consideration of such provisions as fall within the jurisdiction of the
committee concerned
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to establish a National
Resilience and Recovery Fund, and for other purposes.
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 ``National Resilience and Recovery
Fund Act''.
SEC. 2. ESTABLISHMENT OF NATIONAL RESILIENCE AND RECOVERY FUND.
(a) National Resilience and Recovery Fund.--Subchapter A of chapter
98 of the Internal Revenue Code of 1986 (relating to establishment of
trust funds) is amended by adding at the end the following new section:
``SEC. 9512. NATIONAL RESILIENCE AND RECOVERY FUND.
``(a) Creation of Trust Fund.--There is established in the Treasury
of the United States a trust fund to be known as the `National
Resilience and Recovery Fund', consisting of such amounts as may be
appropriated or credited to such Fund as provided in this section or
section 9602(b).
``(b) Transfers to Fund.--There are hereby appropriated to the
National Resilience and Recovery Fund amounts equivalent to--
``(1) taxes received in the Treasury under section 5901(a)
(relating to the excise tax on crude oil and natural gas
produced from the outer Continental Shelf in the Gulf of
Mexico),
``(2) taxes received in the Treasury under section 4611
(relating to environmental tax on crude oil and petroleum) to
the extent attributable to the National Resilience and Recovery
Fund financing rate under section 4611(c), and
``(3) taxes received in the Treasury under section 5896(a)
(relating to the excise tax on crude oil windfall profits).
``(c) Expenditures.--Amounts in the Fund shall be available, as
provided in appropriation Acts, to the Administrator of the Federal
Emergency Management Agency to carry out the purposes of the following
programs of such Agency:
``(1) The Hazard Mitigation Grant Program established
pursuant to section 404 of the Robert T. Stafford Disaster
Relief and Emergency Assistance Act (42 U.S.C. 5170c).
``(2) The Building Resilient Infrastructure and Communities
grant program established pursuant to section 203 of the Robert
T. Stafford Disaster Relief and Emergency Assistance Act (42
U.S.C. 5133).
``(3) The Safeguarding Tomorrow Revolving Loan Fund Program
established pursuant to section 205 of the Robert T. Stafford
Disaster Relief and Emergency Assistance Act (42 U.S.C. 5135).
``(4) The Flood Mitigation Assistance program established
pursuant to section 1366 of the Excerpts from the Housing and
Urban Development Act of 1968 (42 U.S.C. 4104c).''.
(b) Clerical Amendment.--The table of sections for subchapter A of
chapter 98 of such Code is amended by adding after the item relating to
section 9511 the following new item:
``Sec. 9512. National Resilience and Recovery Fund.''
(c) Effective Date.--The amendments made by this section shall take
effect on January 1, 2025.
SEC. 3. CLARIFICATION OF TAR SANDS AND OIL SHALE AS CRUDE OIL FOR
EXCISE TAX PURPOSES.
(a) In General.--Paragraph (1) of section 4612(a) of the Internal
Revenue Code of 1986 is amended to read as follows:
``(1) Crude oil.--The term `crude oil' includes crude oil
condensates, natural gasoline, any bitumen or bituminous
mixture, any oil derived from a bitumen or bituminous mixture
(including oil derived from tar sands), and any oil derived
from kerogen-bearing sources (including oil derived from oil
shale).''.
(b) Regulatory Authority To Address Other Types of Crude Oil and
Petroleum Products.--Subsection (a) of section 4612 of such Code is
amended by adding at the end the following new paragraph:
``(10) Regulatory authority to address other types of crude
oil and petroleum products.--Under such regulations as the
Secretary may prescribe, the Secretary may include as crude oil
or as a petroleum product subject to tax under section 4611,
any fuel feedstock or finished fuel product customarily
transported by pipeline, vessel, railcar, or tanker truck if
the Secretary determines that--
``(A) the classification of such fuel feedstock or
finished fuel product is consistent with the definition
of oil under the Oil Pollution Act of 1990, and
``(B) such fuel feedstock or finished fuel product
is produced in sufficient commercial quantities as to
pose a significant risk of hazard in the event of a
discharge.''.
(c) Technical Amendment.--Paragraph (2) of section 4612(a) of such
Code is amended by striking ``from a well located''.
(d) Effective Date.--The amendments made by this section shall take
effect on the date of the enactment of this Act.
SEC. 4. ADDITIONAL EXCISE TAX ON CRUDE OIL AND IMPORTED PETROLEUM
PRODUCTS.
(a) In General.--Section 4611(c) of the Internal Revenue Code of
1986 is amended--
(1) in paragraph (1), by striking ``and'' at the end of
subparagraph (A), by striking the period at the end of
subparagraph (B) and inserting ``, and'', and by adding at the
end the following new subparagraph:
``(C) the National Resilience and Recovery Fund
financing rate.'',
(2) in paragraph (2), by striking ``and'' at the end of
subparagraph (A), by striking the period at the end of
subparagraph (B) and inserting ``, and'', and by adding at the
end the following new subparagraph:
``(C) the National Resilience and Recovery Fund
financing rate is 10 cents a barrel.'', and
(3) in paragraph (3), by striking ``the amount in paragraph
(2)(A)'' and inserting ``the amounts in subparagraphs (A) and
(C) of paragraph (2)''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2024.
SEC. 5. WINDFALL PROFITS TAX.
(a) In General.--Subtitle E of the Internal Revenue Code of 1986 is
amended by adding at the end thereof the following new chapter:
``CHAPTER 56--WINDFALL PROFITS ON CRUDE OIL
``Sec. 5896. Imposition of tax.
``Sec. 5897. Definitions and special rules.
``SEC. 5896. IMPOSITION OF TAX.
``(a) In General.--In addition to any other tax imposed under this
title, in each calendar quarter there is hereby imposed on any covered
taxpayer an excise tax at the rate determined under subsection (b) on--
``(1) each barrel of taxable crude oil extracted by the
taxpayer within the United States and removed from the property
of such taxpayer during the calendar quarter, and
``(2) each barrel of taxable crude oil entered into the
United States during the calendar quarter by the taxpayer for
consumption, use, or warehousing.
``(b) Rate of Tax.--
``(1) In general.--The rate of tax imposed by this section
on any barrel of taxable crude oil for any calendar quarter is
the product of--
``(A) 50 percent, and
``(B) the excess (if any) of--
``(i) the average price of a barrel of
Brent crude oil over the covered calendar
quarter, over
``(ii) the average price of a barrel of
Brent crude oil over the period beginning on
January 1, 2015, and ending on December 31,
2019.
``(2) Inflation adjustment.--
``(A) In general.--In the case of a calendar
quarter beginning in any taxable year beginning after
2025, the amount determined under paragraph (1)(B)(ii)
shall be increased by an amount equal to--
``(i) such dollar amount, multiplied by
``(ii) the cost-of-living adjustment
determined under section 1(f)(3) for the
calendar year in which the taxable year begins,
determined by substituting `2024' for `2016' in
subparagraph (A)(ii) thereof.
``(B) Rounding.--If any dollar amount, after being
increased under subparagraph (A), is not a multiple of
$0.50, such dollar amount shall be rounded to the next
lowest multiple of $0.01.
``(c) Fractional Part of Barrel.--In the case of a fraction of a
barrel, the tax imposed by subsection (a) shall be the same fraction of
the amount of such tax imposed on the whole barrel.
``SEC. 5897. DEFINITIONS AND SPECIAL RULES.
``(a) Definitions.--For purposes of this chapter--
``(1) Covered taxpayer.--
``(A) In general.--The term `covered taxpayer'
means, with respect to any calendar quarter, any
taxpayer if--
``(i) the average daily number of barrels
of taxable crude oil extracted and imported by
the taxpayer for calendar year 2023 exceeded
300,000 barrels, or
``(ii) the average daily number of barrels
of taxable crude oil extracted and imported by
the taxpayer for the calendar quarter exceeds
300,000.
``(B) Aggregation rules.--All persons treated as a
single employer under subsection (a) or (b) of section
52 or subsection (m) or (o) of section 414 shall be
treated as one person for purposes of paragraph (1).
``(2) Taxable crude oil.--The term `taxable crude oil'
includes crude oil, crude oil condensates, and natural
gasoline.
``(3) Barrel.--The term `barrel' means 42 United States
gallons.
``(4) United states.--The term `United States' has the same
meaning given such term under section 4612.
``(b) Withholding and Deposit of Tax.--The Secretary shall provide
such rules as are necessary for the withholding and deposit of the tax
imposed under section 5896 on any taxable crude oil.
``(c) Records and Information.--Each taxpayer liable for tax under
section 5896 shall keep such records, make such returns, and furnish
such information (to the Secretary and to other persons having an
interest in the taxable crude oil) with respect to such oil as the
Secretary may by regulations prescribe.
``(d) Return of Windfall Profit Tax.--The Secretary shall provide
for the filing and the time of such filing of the return of the tax
imposed under section 5896.
``(e) Regulations.--The Secretary shall prescribe such regulations
as may be necessary or appropriate to carry out the purposes of this
chapter.''.
(b) Clerical Amendment.--The table of chapters for subtitle E of
the Internal Revenue Code of 1986 is amended by adding at the end the
following new item:
``Chapter 56. Windfall Profits on Crude Oil.''.
(c) Effective Date.--
(1) In general.--The amendments made by this section shall
apply to crude oil removed or entered after December 31, 2024,
in calendar quarters ending after such date.
(2) Special rule for quarters during 2025.--In the case of
any calendar quarter ending in calendar year 2025, the tax
imposed under section 5896 shall not be due before March 31,
2026.
SEC. 6. TAX ON CRUDE OIL AND NATURAL GAS PRODUCED FROM THE OUTER
CONTINENTAL SHELF IN THE GULF OF MEXICO.
(a) In General.--Subtitle E of the Internal Revenue Code of 1986 is
amended by adding at the end the following new chapter:
``CHAPTER 57--TAX ON SEVERANCE OF CRUDE OIL AND NATURAL GAS FROM THE
OUTER CONTINENTAL SHELF IN THE GULF OF MEXICO
``Sec. 5901. Imposition of tax.
``Sec. 5902. Taxable crude oil or natural gas and removal price.
``Sec. 5903. Special rules and definitions.
``SEC. 5901. IMPOSITION OF TAX.
``(a) In General.--In addition to any other tax imposed under this
title, there is hereby imposed a tax equal to 13 percent of the removal
price of any taxable crude oil or natural gas removed from the premises
during any taxable period.
``(b) Credit for Federal Royalties Paid.--
``(1) In general.--There shall be allowed as a credit
against the tax imposed by subsection (a) with respect to the
production of any taxable crude oil or natural gas an amount
equal to the aggregate amount of royalties paid under Federal
law with respect to such production.
``(2) Limitation.--The aggregate amount of credits allowed
under paragraph (1) to any taxpayer for any taxable period
shall not exceed the amount of tax imposed by subsection (a)
for such taxable period.
``(c) Tax Paid by Producer.--The tax imposed by this section shall
be paid by the producer of the taxable crude oil or natural gas.
``SEC. 5902. TAXABLE CRUDE OIL OR NATURAL GAS AND REMOVAL PRICE.
``(a) Taxable Crude Oil or Natural Gas.--For purposes of this
chapter, the term `taxable crude oil or natural gas' means crude oil or
natural gas which is produced from Federal submerged lands on the outer
Continental Shelf in the Gulf of Mexico pursuant to a lease entered
into with the United States which authorizes the production.
``(b) Removal Price.--For purposes of this chapter--
``(1) In general.--Except as otherwise provided in this
subsection, the term `removal price' means--
``(A) in the case of taxable crude oil, the amount
for which a barrel of such crude oil is sold, and
``(B) in the case of taxable natural gas, the
amount per 1,000 cubic feet for which such natural gas
is sold.
``(2) Sales between related persons.--In the case of a sale
between related persons, the removal price shall not be less
than the constructive sales price for purposes of determining
gross income from the property under section 613.
``(3) Oil or natural gas removed from property before
sale.--If crude oil or natural gas is removed from the property
before it is sold, the removal price shall be the constructive
sales price for purposes of determining gross income from the
property under section 613.
``(4) Refining begun on property.--If the manufacture or
conversion of crude oil into refined products begins before
such oil is removed from the property--
``(A) such oil shall be treated as removed on the
day such manufacture or conversion begins, and
``(B) the removal price shall be the constructive
sales price for purposes of determining gross income
from the property under section 613.
``(5) Property.--The term `property' has the meaning given
such term by section 614.
``SEC. 5903. SPECIAL RULES AND DEFINITIONS.
``(a) Administrative Requirements.--
``(1) Withholding and deposit of tax.--The Secretary shall
provide for the withholding and deposit of the tax imposed
under section 5901 on a quarterly basis.
``(2) Records and information.--Each taxpayer liable for
tax under section 5901 shall keep such records, make such
returns, and furnish such information (to the Secretary and to
other persons having an interest in the taxable crude oil or
natural gas) with respect to such oil as the Secretary may by
regulations prescribe.
``(3) Taxable periods; return of tax.--
``(A) Taxable period.--Except as provided by the
Secretary, each calendar year shall constitute a
taxable period.
``(B) Returns.--The Secretary shall provide for the
filing, and the time for filing, of the return of the
tax imposed under section 5901.
``(b) Definitions.--For purposes of this chapter--
``(1) Producer.--The term `producer' means the holder of
the economic interest with respect to the crude oil or natural
gas.
``(2) Crude oil.--The term `crude oil' includes crude oil
condensates and natural gasoline.
``(3) Premises and crude oil product.--The terms `premises'
and `crude oil product' have the same meanings as when used for
purposes of determining gross income from the property under
section 613.
``(c) Adjustment of Removal Price.--In determining the removal
price of oil or natural gas from a property in the case of any
transaction, the Secretary may adjust the removal price to reflect
clearly the fair market value of oil or natural gas removed.
``(d) Regulations.--The Secretary shall prescribe such regulations
as may be necessary or appropriate to carry out the purposes of this
chapter.''.
(b) Deductibility of Tax.--The first sentence of section 164(a) of
the Internal Revenue Code of 1986 is amended by inserting after
paragraph (4) the following new paragraph:
``(5) The tax imposed by section 5901(a) (after application
of section 5901(b)) on the severance of crude oil or natural
gas from the outer Continental Shelf in the Gulf of Mexico.''.
(c) Clerical Amendment.--The table of chapters for subtitle E is
amended by adding at the end the following new item:
``Chapter 57. Tax on severance of crude
oil and natural gas from the
outer Continental Shelf in the
Gulf of Mexico.''.
(d) Effective Date.--The amendments made by this section shall
apply to crude oil or natural gas removed after December 31, 2024.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Economic Development, Public Buildings, and Emergency Management.
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