H.R. 5983: National Resilience and Recovery Fund Act
This bill is known as the National Resilience and Recovery Fund Act. It proposes to create a fund within the U.S. Department of the Treasury called the National Resilience and Recovery Fund. This fund is intended to support disaster recovery and resilience programs under the Federal Emergency Management Agency (FEMA).
Key Components of the Bill
- Establishment of the Fund: The bill establishes a trust fund that will receive appropriations from various tax revenues, specifically:
- Taxes on crude oil and natural gas produced from the outer Continental Shelf in the Gulf of Mexico.
- Taxes on crude oil and petroleum related to environmental impacts.
- Taxes on windfall profits from crude oil.
- Funding for FEMA Programs: The funds appropriated will be used by FEMA to support the following programs:
- The Hazard Mitigation Grant Program, which is aimed at reducing disaster risks.
- The Building Resilient Infrastructure and Communities grant program, which assists in creating resilient infrastructure.
- The Safeguarding Tomorrow Revolving Loan Fund Program, which helps communities invest in resilience projects.
- The Flood Mitigation Assistance program, which provides funding to reduce flood risks.
- Excise Tax Adjustments: The bill clarifies the classification of certain oils as crude oil for tax purposes and modifies existing tax codes. It aims to ensure that various fuel products are taxed appropriately, based on their risks and characteristics.
- Implementation of a Windfall Profits Tax: This new tax is set to be imposed on crude oil producers, specifically targeting the profits from crude oil sold at prices exceeding a defined threshold. The tax rate is proposed to be 50% on profits above a certain average price.
- Tax on Severance of Crude Oil and Natural Gas: The bill introduces a new tax on the extraction of crude oil and gas from certain federal lands, set at 13% of the removal price, which will apply starting from 2025. It also allows credits against this tax for federal royalties paid.
Effective Dates
The provisions of the bill are set to take effect at various points, primarily in 2025 and for some tax provisions beginning in 2024.
Relevant Companies
- XOM (Exxon Mobil Corporation) - A major oil and gas company, likely to be significantly impacted by the increased taxes on crude oil production and the windfall profits tax.
- CVX (Chevron Corporation) - Another leading oil company that could face higher tax burdens due to the new excise taxes on crude oil and additional taxes related to profits.
- APC (Anadarko Petroleum Corporation, now part of Occidental Petroleum) - Engaged in the extraction of oil and gas, which could involve higher tax liabilities under this bill.
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
7 bill sponsors
Actions
3 actions
| Date | Action |
|---|---|
| Nov. 08, 2025 | Referred to the Subcommittee on Economic Development, Public Buildings, and Emergency Management. |
| Nov. 07, 2025 | Introduced in House |
| Nov. 07, 2025 | 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. |
Corporate Lobbying
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