Taxing Big Oil Profiteers Act

Summary

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.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 4 August 2022

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 4 August 2022

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• Introduced in Senate

  summary · EN · 4 August 2022

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