I 

118TH CONGRESS 

2D SESSION H. R. 10314 

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 

DECEMBER 5, 2024 

Ms. STANSBURY (for herself, Mr. BLUMENAUER, Mr. KHANNA, Ms. OMAR, 

Ms. BALINT, Mr. GRIJALVA, Ms. OCASIO-CORTEZ, and Mr. HUFFMAN) 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘National Resilience 

5 and Recovery Fund Act’’. 


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1 SEC. 2. ESTABLISHMENT OF NATIONAL RESILIENCE AND 

2 RECOVERY FUND. 

3 (a) NATIONAL RESILIENCE AND RECOVERY FUND.— 

4 Subchapter A of chapter 98 of the Internal Revenue Code 

5 of 1986 (relating to establishment of trust funds) is 

6 amended by adding at the end the following new section: 

7 ‘‘SEC. 9512. NATIONAL RESILIENCE AND RECOVERY FUND. 

8 ‘‘(a) CREATION OF TRUST FUND.—There is estab9 lished in the Treasury of the United States a trust fund 

10 to be known as the ‘National Resilience and Recovery 

11 Fund’, consisting of such amounts as may be appropriated 

12 or credited to such Fund as provided in this section or 

13 section 9602(b). 

14 ‘‘(b) TRANSFERS TO FUND.—There are hereby ap15 propriated to the National Resilience and Recovery Fund 

16 amounts equivalent to— 

17 ‘‘(1) taxes received in the Treasury under sec18 tion 5901(a) (relating to the excise tax on crude oil 

19 and natural gas produced from the outer Conti20 nental Shelf in the Gulf of Mexico), 

21 ‘‘(2) taxes received in the Treasury under sec22 tion 4611 (relating to environmental tax on crude oil 

23 and petroleum) to the extent attributable to the Na24 tional Resilience and Recovery Fund financing rate 

25 under section 4611(c), and 


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1 ‘‘(3) taxes received in the Treasury under sec2 tion 5896(a) (relating to the excise tax on crude oil 

3 windfall profits). 

4 ‘‘(c) EXPENDITURES.—Amounts in the Fund shall be 

5 available, as provided in appropriation Acts, to the Admin6 istrator of the Federal Emergency Management Agency 

7 to carry out the purposes of the following programs of 

8 such Agency: 

9 ‘‘(1) The Hazard Mitigation Grant Program es10 tablished pursuant to section 404 of the Robert T. 

11 Stafford Disaster Relief and Emergency Assistance 

12 Act (42 U.S.C. 5170c). 

13 ‘‘(2) The Building Resilient Infrastructure and 

14 Communities grant program established pursuant to 

15 section 203 of the Robert T. Stafford Disaster Relief 

16 and Emergency Assistance Act (42 U.S.C. 5133). 

17 ‘‘(3) The Safeguarding Tomorrow Revolving 

18 Loan Fund Program established pursuant to section 

19 205 of the Robert T. Stafford Disaster Relief and 

20 Emergency Assistance Act (42 U.S.C. 5135). 

21 ‘‘(4) The Flood Mitigation Assistance program 

22 established pursuant to section 1366 of the Excerpts 

23 from the Housing and Urban Development Act of 

24 1968 (42 U.S.C. 4104c).’’. 


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1 (b) CLERICAL AMENDMENT.—The table of sections 

2 for subchapter A of chapter 98 of such Code is amended 

3 by adding after the item relating to section 9511 the fol4 lowing new item: 

‘‘Sec. 9512. National Resilience and Recovery Fund.’’ 

5 (c) EFFECTIVE DATE.—The amendments made by 

6 this section shall take effect on January 1, 2025. 

7 SEC. 3. CLARIFICATION OF TAR SANDS AND OIL SHALE AS 

8 CRUDE OIL FOR EXCISE TAX PURPOSES. 

9 (a) IN GENERAL.—Paragraph (1) of section 4612(a) 

10 of the Internal Revenue Code of 1986 is amended to read 

11 as follows: 

12 ‘‘(1) CRUDE OIL.—The term ‘crude oil’ includes 

13 crude oil condensates, natural gasoline, any bitumen 

14 or bituminous mixture, any oil derived from a bitu15 men or bituminous mixture (including oil derived 

16 from tar sands), and any oil derived from kerogen17 bearing sources (including oil derived from oil 

18 shale).’’. 

19 (b) REGULATORY AUTHORITY TO ADDRESS OTHER

20 TYPES OF CRUDE OIL AND PETROLEUM PRODUCTS.— 

21 Subsection (a) of section 4612 of such Code is amended 

22 by adding at the end the following new paragraph: 

23 ‘‘(10) REGULATORY AUTHORITY TO ADDRESS

24 OTHER TYPES OF CRUDE OIL AND PETROLEUM

25 PRODUCTS.—Under such regulations as the SecVerDate Sep 11 2014 00:12 Dec 31, 2024 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H10314.IH H10314

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1 retary may prescribe, the Secretary may include as 

2 crude oil or as a petroleum product subject to tax 

3 under section 4611, any fuel feedstock or finished 

4 fuel product customarily transported by pipeline, 

5 vessel, railcar, or tanker truck if the Secretary deter6 mines that— 

7 ‘‘(A) the classification of such fuel feed8 stock or finished fuel product is consistent with 

9 the definition of oil under the Oil Pollution Act 

10 of 1990, and 

11 ‘‘(B) such fuel feedstock or finished fuel 

12 product is produced in sufficient commercial 

13 quantities as to pose a significant risk of haz14 ard in the event of a discharge.’’. 

15 (c) TECHNICAL AMENDMENT.—Paragraph (2) of sec16 tion 4612(a) of such Code is amended by striking ‘‘from 

17 a well located’’. 

18 (d) EFFECTIVE DATE.—The amendments made by 

19 this section shall take effect on the date of the enactment 

20 of this Act. 

21 SEC. 4. ADDITIONAL EXCISE TAX ON CRUDE OIL AND IM22 PORTED PETROLEUM PRODUCTS. 

23 (a) IN GENERAL.—Section 4611(c) of the Internal 

24 Revenue Code of 1986 is amended— 


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1 (1) in paragraph (1), by striking ‘‘and’’ at the 

2 end of subparagraph (A), by striking the period at 

3 the end of subparagraph (B) and inserting ‘‘, and’’, 

4 and by adding at the end the following new subpara5 graph: 

6 ‘‘(C) the National Resilience and Recovery 

7 Fund financing rate.’’, 

8 (2) in paragraph (2), by striking ‘‘and’’ at the 

9 end of subparagraph (A), by striking the period at 

10 the end of subparagraph (B) and inserting ‘‘, and’’, 

11 and by adding at the end the following new subpara12 graph: 

13 ‘‘(C) the National Resilience and Recovery 

14 Fund financing rate is 10 cents a barrel.’’, and 

15 (3) in paragraph (3), by striking ‘‘the amount 

16 in paragraph (2)(A)’’ and inserting ‘‘the amounts in 

17 subparagraphs (A) and (C) of paragraph (2)’’. 

18 (b) EFFECTIVE DATE.—The amendments made by 

19 this section shall apply to taxable years beginning after 

20 December 31, 2024. 

21 SEC. 5. WINDFALL PROFITS TAX. 

22 (a) IN GENERAL.—Subtitle E of the Internal Rev23 enue Code of 1986 is amended by adding at the end there24 of the following new chapter: 


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1 ‘‘CHAPTER 56—WINDFALL PROFITS ON 

2 CRUDE OIL 

‘‘Sec. 5896. Imposition of tax. 

‘‘Sec. 5897. Definitions and special rules. 

3 ‘‘SEC. 5896. IMPOSITION OF TAX. 

4 ‘‘(a) IN GENERAL.—In addition to any other tax im5 posed under this title, in each calendar quarter there is 

6 hereby imposed on any covered taxpayer an excise tax at 

7 the rate determined under subsection (b) on— 

8 ‘‘(1) each barrel of taxable crude oil extracted 

9 by the taxpayer within the United States and re10 moved from the property of such taxpayer during 

11 the calendar quarter, and 

12 ‘‘(2) each barrel of taxable crude oil entered 

13 into the United States during the calendar quarter 

14 by the taxpayer for consumption, use, or 

15 warehousing. 

16 ‘‘(b) RATE OF TAX.— 

17 ‘‘(1) IN GENERAL.—The rate of tax imposed by 

18 this section on any barrel of taxable crude oil for 

19 any calendar quarter is the product of— 

20 ‘‘(A) 50 percent, and 

21 ‘‘(B) the excess (if any) of— 

22 ‘‘(i) the average price of a barrel of 

23 Brent crude oil over the covered calendar 

24 quarter, over 


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1 ‘‘(ii) the average price of a barrel of 

2 Brent crude oil over the period beginning 

3 on January 1, 2015, and ending on De4 cember 31, 2019. 

5 ‘‘(2) INFLATION ADJUSTMENT.— 

6 ‘‘(A) IN GENERAL.—In the case of a cal7 endar quarter beginning in any taxable year be8 ginning after 2025, the amount determined 

9 under paragraph (1)(B)(ii) shall be increased 

10 by an amount equal to— 

11 ‘‘(i) such dollar amount, multiplied by 

12 ‘‘(ii) the cost-of-living adjustment de13 termined under section 1(f)(3) for the cal14 endar year in which the taxable year be15 gins, determined by substituting ‘2024’ for 

16 ‘2016’ in subparagraph (A)(ii) thereof. 

17 ‘‘(B) ROUNDING.—If any dollar amount, 

18 after being increased under subparagraph (A), 

19 is not a multiple of $0.50, such dollar amount 

20 shall be rounded to the next lowest multiple of 

21 $0.01. 

22 ‘‘(c) FRACTIONAL PART OF BARREL.—In the case of 

23 a fraction of a barrel, the tax imposed by subsection (a) 

24 shall be the same fraction of the amount of such tax im25 posed on the whole barrel. 


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1 ‘‘SEC. 5897. DEFINITIONS AND SPECIAL RULES. 

2 ‘‘(a) DEFINITIONS.—For purposes of this chapter— 

3 ‘‘(1) COVERED TAXPAYER.— 

4 ‘‘(A) IN GENERAL.—The term ‘covered 

5 taxpayer’ means, with respect to any calendar 

6 quarter, any taxpayer if— 

7 ‘‘(i) the average daily number of bar8 rels of taxable crude oil extracted and im9 ported by the taxpayer for calendar year 

10 2023 exceeded 300,000 barrels, or 

11 ‘‘(ii) the average daily number of bar12 rels of taxable crude oil extracted and im13 ported by the taxpayer for the calendar 

14 quarter exceeds 300,000. 

15 ‘‘(B) AGGREGATION RULES.—All persons 

16 treated as a single employer under subsection 

17 (a) or (b) of section 52 or subsection (m) or (o) 

18 of section 414 shall be treated as one person for 

19 purposes of paragraph (1). 

20 ‘‘(2) TAXABLE CRUDE OIL.—The term ‘taxable 

21 crude oil’ includes crude oil, crude oil condensates, 

22 and natural gasoline. 

23 ‘‘(3) BARREL.—The term ‘barrel’ means 42 

24 United States gallons. 


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1 ‘‘(4) UNITED STATES.—The term ‘United 

2 States’ has the same meaning given such term under 

3 section 4612. 

4 ‘‘(b) WITHHOLDING AND DEPOSIT OF TAX.—The 

5 Secretary shall provide such rules as are necessary for the 

6 withholding and deposit of the tax imposed under section 

7 5896 on any taxable crude oil. 

8 ‘‘(c) RECORDS AND INFORMATION.—Each taxpayer 

9 liable for tax under section 5896 shall keep such records, 

10 make such returns, and furnish such information (to the 

11 Secretary and to other persons having an interest in the 

12 taxable crude oil) with respect to such oil as the Secretary 

13 may by regulations prescribe. 

14 ‘‘(d) RETURN OF WINDFALL PROFIT TAX.—The Sec15 retary shall provide for the filing and the time of such 

16 filing of the return of the tax imposed under section 5896. 

17 ‘‘(e) REGULATIONS.—The Secretary shall prescribe 

18 such regulations as may be necessary or appropriate to 

19 carry out the purposes of this chapter.’’. 

20 (b) CLERICAL AMENDMENT.—The table of chapters 

21 for subtitle E of the Internal Revenue Code of 1986 is 

22 amended by adding at the end the following new item: 

‘‘CHAPTER 56. WINDFALL PROFIT ON CRUDE OIL.’’. 

23 (c) EFFECTIVE DATE.— 

24 (1) IN GENERAL.—The amendments made by 

25 this section shall apply to crude oil removed or enVerDate Sep 11 2014 00:12 Dec 31, 2024 Jkt 059200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\H10314.IH H10314

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1 tered after December 31, 2024, in calendar quarters 

2 ending after such date. 

3 (2) SPECIAL RULE FOR QUARTERS DURING

4 2025.—In the case of any calendar quarter ending in 

5 calendar year 2025, the tax imposed under section 

6 5896 shall not be due before March 31, 2026. 

7 SEC. 6. TAX ON CRUDE OIL AND NATURAL GAS PRODUCED 

8 FROM THE OUTER CONTINENTAL SHELF IN 

9 THE GULF OF MEXICO. 

10 (a) IN GENERAL.—Subtitle E of the Internal Rev11 enue Code of 1986 is amended by adding at the end the 

12 following new chapter: 

13 ‘‘CHAPTER 57—TAX ON SEVERANCE OF 

14 CRUDE OIL AND NATURAL GAS FROM 

15 THE OUTER CONTINENTAL SHELF IN 

16 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. 

17 ‘‘SEC. 5901. IMPOSITION OF TAX. 

18 ‘‘(a) IN GENERAL.—In addition to any other tax im19 posed under this title, there is hereby imposed a tax equal 

20 to 13 percent of the removal price of any taxable crude 

21 oil or natural gas removed from the premises during any 

22 taxable period. 

23 ‘‘(b) CREDIT FOR FEDERAL ROYALTIES PAID.— 


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1 ‘‘(1) IN GENERAL.—There shall be allowed as a 

2 credit against the tax imposed by subsection (a) with 

3 respect to the production of any taxable crude oil or 

4 natural gas an amount equal to the aggregate 

5 amount of royalties paid under Federal law with re6 spect to such production. 

7 ‘‘(2) LIMITATION.—The aggregate amount of 

8 credits allowed under paragraph (1) to any taxpayer 

9 for any taxable period shall not exceed the amount 

10 of tax imposed by subsection (a) for such taxable pe11 riod. 

12 ‘‘(c) TAX PAID BY PRODUCER.—The tax imposed by 

13 this section shall be paid by the producer of the taxable 

14 crude oil or natural gas. 

15 ‘‘SEC. 5902. TAXABLE CRUDE OIL OR NATURAL GAS AND RE16 MOVAL PRICE. 

17 ‘‘(a) TAXABLE CRUDE OIL OR NATURAL GAS.—For 

18 purposes of this chapter, the term ‘taxable crude oil or 

19 natural gas’ means crude oil or natural gas which is pro20 duced from Federal submerged lands on the outer Conti21 nental Shelf in the Gulf of Mexico pursuant to a lease 

22 entered into with the United States which authorizes the 

23 production. 

24 ‘‘(b) REMOVAL PRICE.—For purposes of this chap25 ter— 


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1 ‘‘(1) IN GENERAL.—Except as otherwise pro2 vided in this subsection, the term ‘removal price’ 

3 means— 

4 ‘‘(A) in the case of taxable crude oil, the 

5 amount for which a barrel of such crude oil is 

6 sold, and 

7 ‘‘(B) in the case of taxable natural gas, the 

8 amount per 1,000 cubic feet for which such 

9 natural gas is sold. 

10 ‘‘(2) SALES BETWEEN RELATED PERSONS.—In 

11 the case of a sale between related persons, the re12 moval price shall not be less than the constructive 

13 sales price for purposes of determining gross income 

14 from the property under section 613. 

15 ‘‘(3) OIL OR NATURAL GAS REMOVED FROM

16 PROPERTY BEFORE SALE.—If crude oil or natural 

17 gas is removed from the property before it is sold, 

18 the removal price shall be the constructive sales 

19 price for purposes of determining gross income from 

20 the property under section 613. 

21 ‘‘(4) REFINING BEGUN ON PROPERTY.—If the 

22 manufacture or conversion of crude oil into refined 

23 products begins before such oil is removed from the 

24 property— 


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1 ‘‘(A) such oil shall be treated as removed 

2 on the day such manufacture or conversion be3 gins, and 

4 ‘‘(B) the removal price shall be the con5 structive sales price for purposes of determining 

6 gross income from the property under section 

7 613. 

8 ‘‘(5) PROPERTY.—The term ‘property’ has the 

9 meaning given such term by section 614. 

10 ‘‘SEC. 5903. SPECIAL RULES AND DEFINITIONS. 

11 ‘‘(a) ADMINISTRATIVE REQUIREMENTS.— 

12 ‘‘(1) WITHHOLDING AND DEPOSIT OF TAX.— 

13 The Secretary shall provide for the withholding and 

14 deposit of the tax imposed under section 5901 on a 

15 quarterly basis. 

16 ‘‘(2) RECORDS AND INFORMATION.—Each tax17 payer liable for tax under section 5901 shall keep 

18 such records, make such returns, and furnish such 

19 information (to the Secretary and to other persons 

20 having an interest in the taxable crude oil or natural 

21 gas) with respect to such oil as the Secretary may 

22 by regulations prescribe. 

23 ‘‘(3) TAXABLE PERIODS; RETURN OF TAX.— 


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1 ‘‘(A) TAXABLE PERIOD.—Except as pro2 vided by the Secretary, each calendar year shall 

3 constitute a taxable period. 

4 ‘‘(B) RETURNS.—The Secretary shall pro5 vide for the filing, and the time for filing, of the 

6 return of the tax imposed under section 5901. 

7 ‘‘(b) DEFINITIONS.—For purposes of this chapter— 

8 ‘‘(1) PRODUCER.—The term ‘producer’ means 

9 the holder of the economic interest with respect to 

10 the crude oil or natural gas. 

11 ‘‘(2) CRUDE OIL.—The term ‘crude oil’ includes 

12 crude oil condensates and natural gasoline. 

13 ‘‘(3) PREMISES AND CRUDE OIL PRODUCT.— 

14 The terms ‘premises’ and ‘crude oil product’ have 

15 the same meanings as when used for purposes of de16 termining gross income from the property under sec17 tion 613. 

18 ‘‘(c) ADJUSTMENT OF REMOVAL PRICE.—In deter19 mining the removal price of oil or natural gas from a prop20 erty in the case of any transaction, the Secretary may ad21 just the removal price to reflect clearly the fair market 

22 value of oil or natural gas removed. 

23 ‘‘(d) REGULATIONS.—The Secretary shall prescribe 

24 such regulations as may be necessary or appropriate to 

25 carry out the purposes of this chapter.’’. 


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1 (b) DEDUCTIBILITY OF TAX.—The first sentence of 

2 section 164(a) of the Internal Revenue Code of 1986 is 

3 amended by inserting after paragraph (4) the following 

4 new paragraph: 

5 ‘‘(5) The tax imposed by section 5901(a) (after 

6 application of section 5901(b)) on the severance of 

7 crude oil or natural gas from the outer Continental 

8 Shelf in the Gulf of Mexico.’’. 

9 (c) CLERICAL AMENDMENT.—The table of chapters 

10 for subtitle E is amended by adding at the end the fol11 lowing new item: 

‘‘CHAPTER 57. Tax on severance of crude oil and natural gas 

from the outer Continental Shelf in the Gulf of 

Mexico.’’. 

12 (d) EFFECTIVE DATE.—The amendments made by 

13 this section shall apply to crude oil or natural gas removed 

14 after December 31, 2024. 

Æ 


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