Bill taxes oil company extra profits to pay for roads and transit.
S. 5569 — Oil Company Windfall Profits Tax Act of 2026 · Filed by Adam Schiff (D-CA) · Introduced Sep 28, 2026 · Referred to committee
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What it does
The bill puts a 50% tax on extra profits oil companies make. Extra profits means money above their normal level from 2021 to 2025, plus 10% for inflation. Money from this tax goes to fix highways and pay for buses and trains. It also cleans up old leaking storage tanks. Oil companies can subtract this tax from their business costs.
Who it affects
Oil companies pay the tax when their profits spike above normal. People who use highways, buses, and trains benefit from the money. The tax also helps fix environmental damage from old tanks.
One thing to notice
The bill uses 2021 to 2025 profits as the normal level. That was a time when energy prices were very high. Companies that made more money then will pay less tax now. The tax stays in place until Congress stops it.
From the analysis of the bill text, linked under Primary records below.
Where it stands
- Sep 28, 2026 — Introduced · Congress.gov: “Introduced in Senate”
- Sep 28, 2026 — Referred to Senate Committee on Finance · Congress.gov: “Read twice and referred to the Committee on Finance”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Words to know
- normal level — A company's average profit from 2021 to 2025, plus 10% for inflation.
- subtract — Take away a cost from income to lower the amount of tax owed.
- spike — Rise sharply or suddenly to a much higher level.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (6,005 characters) on Oct 3, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 16,222 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
As of — page rendered 2026-10-20.
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