Taxing Buybacks from Big Oil Windfalls Act

This bill would raise the federal excise tax on stock buybacks from 1 percent to 25 percent for large oil and gas companies. It applies to corporations with average yearly gross receipts of $1 billion or more over the prior three years that mainly produce, refine, process, transport, or distribute oil or natural gas. The higher rate would apply to buybacks made after the bill becomes law. It would stop once the national weekly retail price of regular gasoline stays below $2.937 per gallon for five weeks in a row.

Full text and official record on Congress.gov

Sponsors

• Ron Wyden Democrat sponsor
• 16 cosponsors