S. 4768 · 117th Congress
Taxing Big Oil Profiteers Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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WydenSponsor13 cosponsors · 13 D
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Blumenthal
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Booker
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Casey
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Feinstein
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Hirono
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Klobuchar
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Murray
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Padilla
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Reed
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Schumer
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Stabenow
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Van Hollen
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Warnock13 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · Aug 4, 2022
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Taxing Big Oil Profiteers Act
Latest action (Aug 4, 2022): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Aug 4, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.