retary 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 deter-
mines that— 
‘‘(A) the classification of such fuel feed-
stock 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 haz-
ard in the event of a discharge.’’. 
(c) TECHNICAL AMENDMENT.—Paragraph (2) of sec-
tion 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 IM-
PORTED PETROLEUM PRODUCTS. 
(a) IN GENERAL.—Section 4611(c) of the Internal 
Revenue Code of 1986 is amended— 
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(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 subpara-
graph: 
‘‘(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 subpara-
graph: 
‘‘(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 Rev-
enue Code of 1986 is amended by adding at the end there-
of the following new chapter: 
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‘‘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 im-
posed 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 re-
moved 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 
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‘‘(ii) the average price of a barrel of 
Brent crude oil over the period beginning 
on January 1, 2015, and ending on De-
cember 31, 2019. 
‘‘(2) INFLATION ADJUSTMENT.— 
‘‘(A) IN GENERAL.—In the case of a cal-
endar quarter beginning in any taxable year be-
ginning 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 de-
termined under section 1(f)(3) for the cal-
endar year in which the taxable year be-
gins, 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 im-
posed on the whole barrel. 
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‘‘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 bar-
rels of taxable crude oil extracted and im-
ported by the taxpayer for calendar year 
2023 exceeded 300,000 barrels, or 
‘‘(ii) the average daily number of bar-
rels of taxable crude oil extracted and im-
ported 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. 
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‘‘(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 Sec-
retary 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 en-
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