To amend the Internal Revenue Code of 1986 to establish a National Resilience and Recovery Fund, and for other purposes.
About This Bill
Committee
Latest Action · December 5, 2024
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.
The National Resilience and Recovery Fund Act would establish a dedicated federal fund to finance disaster preparedness and recovery programs by imposing new taxes on oil and gas production. The bill creates three new excise taxes: a 13 percent tax on crude oil and natural gas extracted from federal leases in the Gulf of Mexico, a windfall profits tax on major oil producers when crude oil prices exceed a baseline, and a 10 cents per barrel additional tax on crude oil. Revenue from these taxes would be deposited into the National Resilience and Recovery Fund and made available to the Federal Emergency Management Agency to support hazard mitigation, community resilience grants, revolving loan programs, and flood mitigation assistance. The legislation affects major oil and gas producers, particularly those extracting from federal Gulf of Mexico leases or producing over 300,000 barrels daily, while the funded programs would benefit communities nationwide preparing for and recovering from disasters. All provisions would take effect in 2025.
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