3.0.0 4768 2022-12-29T19:18:37Z 2022-12-29T19:18:37Z Senate S 2022-08-04 117 ssfi00 Finance Committee Senate Standing Referred to 2022-08-04T17:36:57Z 2022-08-04 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2022-08-04 Introduced in Senate IntroReferral 10000 9 Library of Congress W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR N S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2022-08-04 True M001111 Sen. Murray, Patty [D-WA] Patty Murray D WA 2022-08-04 True S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2022-08-04 True C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA 2022-08-04 True P000145 Sen. Padilla, Alex [D-CA] Alex Padilla D CA 2022-08-04 True H001042 Sen. Hirono, Mazie K. [D-HI] Mazie Hirono D HI K. 2022-08-04 True B001288 Sen. Booker, Cory A. [D-NJ] Cory Booker D NJ 2022-08-04 True K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN 2022-08-04 True R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. 2022-08-04 True W000790 Sen. Warnock, Raphael G. [D-GA] Raphael Warnock D GA G. 2022-08-04 True F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2022-08-04 True B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2022-08-04 True V000128 Sen. Van Hollen, Chris [D-MD] Chris Van Hollen D MD 2022-08-04 True Taxation Taxation 00 2022-08-04 Introduced in Senate 2022-08-24T18:15:07Z Taxing Big Oil Profiteers Act

This bill imposes an additional 21% tax through 2025 on the excess profits (i.e., current profits over normal return) of oil and natural gas companies that have average annual gross receipts during a three-year period of over $1 billion.

The bill imposes on publicly-traded domestic corporations a tax equal to 25% of the fair market value of the stock of the corporation repurchased during the taxable year. The tax does not apply to a repurchase made after 2025 or that is treated as dividend. It also does not apply if the total value of the stock repurchased during a taxable year does not exceed $1 million.

The bill disqualifies certain large oil and natural gas companies from the use of the LIFO (last-in first-out) inventory accounting method.

]]> Taxing Big Oil Profiteers Act Display Title Taxing Big Oil Profiteers Act Short Title(s) as Introduced Taxing Big Oil Profiteers Act Introduced in Senate IS Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to tax excess profits of large oil and gas companies, to impose a tax on the repurchase of stock by large oil and gas companies, to end the use of the LIFO method of accounting by large oil and gas trades or businesses, and for other purposes. Introduced in Senate IS Introduced in Senate 2022-08-04T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s4768is/xml/BILLS-117s4768is.xml 2022-08-04 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.