U.S. Congress legislation · 119th Congress
SB5569: Oil Company Windfall Profits Tax Act of 2026
Status: In committee, September 28, 2026
A bill to amend the Internal Revenue Code of 1986 to impose a fee on excess oil profits.
What the bill says
To amend the Internal Revenue Code of 1986 to impose a fee on excess oil profits.
From the introduced text, September 28, 2026:
A BILL To amend the Internal Revenue Code of 1986 to impose a fee on excess oil profits. SECTION 1. Short title This Act may be cited as the Oil Company Windfall Profits Tax Act of 2026 . SECTION 2. Excess oil profit fee (a) In general Subtitle E of the Internal Revenue Code of 1986 is amended by adding at the end thereof the following new etc. Sec. 5898. Special rules and definitions. SECTION 5896. Imposition of fee (a) In general In addition to any other tax imposed under this title, there is hereby imposed on any applicable taxpayer an excise fee in an amount equal to 50 percent of the excess profit of such taxpayer for any taxable year beginning after December 31, 2025. (b) Applicable taxpayer For purposes of this chapter, the term applicable taxpayer means any integrated oil company (as defined in section 291(b)(4)). SECTION 5897. Excess profit; etc (a) General rule For purposes of this chapter, the term excess profit means the excess of the adjusted taxable income of the applicable taxpayer for the taxable year over the reasonably inflated average profit for such taxable year. (b) Adjusted taxable income For purposes of this chapter, with respect to any applicable taxpayer, the adjusted taxable income for any taxable year is equal to the taxable income …
Sponsors
- Schiff, Adam B. (D) · primary sponsor
Latest actions
- : Read twice and referred to the Committee on Finance.
- : Introduced in Senate
Subjects: Taxation
Common questions
- What is SB5569?
- SB5569 is a bill in Congress (119th Congress): Oil Company Windfall Profits Tax Act of 2026.
- What does SB5569 do?
- In its own words: To amend the Internal Revenue Code of 1986 to impose a fee on excess oil profits.
- What is the status of SB5569?
- In committee as of September 28, 2026. Latest action: Read twice and referred to the Committee on Finance. (September 28, 2026).
- Who sponsored SB5569?
- Schiff, Adam B. (D).
- Where is the official record for SB5569?
- On the Congress website: https://www.congress.gov/bill/119th-congress/senate-bill/5569
Source: official Congress record. Tracked by Delilah, AI for legislation across all 50 states and Congress.