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.

This bill would create a special tax on oil companies' extra-large profits from selling crude oil. The money collected from that tax would be sent back to individual taxpayers, and this arrangement would continue until the President officially says that all conflicts with Iran have ended, the Strait of Hormuz waterway is fully open again, and oil prices fall below $75 per barrel. No official summary is available for this bill.

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