To amend the Internal Revenue Code of 1986 to establish a National Resilience and Recovery Fund, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
Creates a new trust fund called the National Resilience and Recovery Fund to pay for FEMA disaster mitigation programs including hazard mitigation grants, infrastructure resilience projects, and flood prevention. The fund is financed through multiple new and expanded taxes on crude oil production and imports.
Who Benefits and How
Communities vulnerable to natural disasters benefit through increased funding for hazard mitigation, infrastructure resilience, and flood prevention programs. FEMA receives dedicated funding for the Hazard Mitigation Grant Program, Building Resilient Infrastructure and Communities program, Safeguarding Tomorrow Revolving Loan Fund, and Flood Mitigation Assistance program.
Who Bears the Burden and How
Large oil and gas producers (those extracting or importing more than 300,000 barrels daily) face a 50% windfall profits tax when oil prices exceed 2015-2019 averages. Offshore Gulf of Mexico producers must pay a 13% tax on removal prices. All crude oil producers face a new 10 cents per barrel excise tax. Tar sands and oil shale producers now fall under the environmental tax previously limited to conventional crude oil.
Key Provisions
- Creates National Resilience and Recovery Fund in Treasury for FEMA disaster programs
- Imposes 50% windfall profits tax on large oil producers when prices exceed historical averages
- Adds 13% tax on crude oil and natural gas from Gulf of Mexico offshore leases
- Expands crude oil definition to include tar sands and oil shale for excise tax purposes
- Adds 10 cents per barrel excise tax for Fund financing
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers.
At a Glance
What This Bill Does
Establishes the National Resilience and Recovery Fund to finance FEMA disaster mitigation programs, funded through new and expanded taxes on crude oil production and imports
Key Policy Areas
Taxation, Energy, Emergency Management, Environment
Primary Purpose
Establishes the National Resilience and Recovery Fund to finance FEMA disaster mitigation programs, funded through new and expanded taxes on crude oil production and imports
Policy Domains
Full Bill - National Resilience and Recovery Fund Act
Identified Gains
Contextual inference, no direct clause citation- FEMA disaster mitigation programs
- Communities vulnerable to natural disasters
- Flood-prone areas
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- Large oil and gas producers
- Gulf of Mexico offshore producers
- Tar sands and oil shale producers
- Crude oil importers
Contextual inference, no direct clause citation
Sponsors
Legislative Progress
IntroducedMs. Stansbury (for herself, Mr. Blumenauer, Mr. Khanna, Ms. Omar, …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Bitumen and heavy oil importers, Crude oil producers and importers, Large integrated oil companies (>300,000 barrels/day)
FEMA and disaster mitigation programs, FEMA disaster mitigation programs
State and local governments seeking hazard mitigation grants
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_secretary"
- → Secretary of the Treasury
- "the_administrator"
- → Administrator of FEMA
Key Definitions
Terms defined in this bill
Includes crude oil condensates, natural gasoline, any bitumen or bituminous mixture, oil derived from tar sands, and oil derived from kerogen-bearing sources including oil shale
Taxpayer whose average daily barrels of taxable crude oil extracted and imported exceeded 300,000 barrels in 2023 or in the current quarter
Crude oil or natural gas produced from Federal submerged lands on the outer Continental Shelf in the Gulf of Mexico pursuant to a federal lease
Includes crude oil, crude oil condensates, and natural gasoline
The amount for which a barrel of crude oil is sold, or per 1,000 cubic feet for natural gas; for related-party transactions, uses constructive sales price
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology