Bill > HR10314

This bill establishes a National Resilience and Recovery Fund, which will be funded through taxes on crude oil and natural gas production, as well as an excise tax on crude oil windfall profits. The funds will be used to support FEMA's Hazard Mitigation Grant Program, Building Resilient Infrastructure and Communities grant program, Safeguarding Tomorrow Revolving Loan Fund, and Flood Mitigation Assistance program. The bill also clarifies that tar sands and oil shale are considered "crude oil" for excise tax purposes and imposes an additional excise tax on crude oil and imported petroleum products. Additionally, the bill establishes a windfall profits tax on certain crude oil producers and a tax on crude oil and natural gas produced from the outer Continental Shelf in the Gulf of Mexico.