Bill > HR5983

This bill establishes a National Resilience and Recovery Fund (NRRF) to support disaster preparedness and mitigation efforts through multiple mechanisms. The fund will be financed by new taxes on crude oil and petroleum, including a 10-cent per barrel environmental financing rate, a 50% windfall profits tax on oil companies extracting over 300,000 barrels daily when oil prices exceed historical averages, and a 13% tax on crude oil and natural gas produced from the Outer Continental Shelf in the Gulf of Mexico. The collected funds will be specifically allocated to the Federal Emergency Management Agency (FEMA) to support four key programs: the Hazard Mitigation Grant Program, the Building Resilient Infrastructure and Communities grant program, the Safeguarding Tomorrow Revolving Loan Fund Program, and the Flood Mitigation Assistance program. The bill also expands the definition of "crude oil" to include tar sands, oil shale, and other petroleum products, giving the Treasury Secretary discretion to include additional fuel types under the tax. These provisions will take effect on January 1, 2025, with the aim of creating a dedicated funding source for improving national disaster resilience and recovery capabilities.

Budget and Finance, Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/5983/all-info