New Oil Taxes Fund National Disaster Resilience and Recovery Programs.
This law establishes the National Resilience and Recovery Fund to finance FEMA programs focused on disaster preparedness, flood protection, and building resilient infrastructure. The funding comes from new or increased excise taxes on large oil and gas companies, including a 50% tax on their "windfall profits" when oil prices are high. Citizens benefit from enhanced safety and faster recovery, with costs primarily borne by the energy sector.
Key points
A dedicated fund is created solely for disaster mitigation projects and building resilient national infrastructure.
A 50% excise tax is imposed on the windfall profits of large crude oil producers when Brent oil prices exceed a historical average.
Status:
Introduced
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