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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Timeline

1. 4 August 2022

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 4 August 2022

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 4 August 2022 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 4 August 2022

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 4 August 2022

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 4 August 2022

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Wyden, Ron [D-OR] · D · Sponsor
• Sen. Schumer, Charles E. [D-NY] · D · Sponsor
• Sen. Murray, Patty [D-WA] · D · Sponsor
• Sen. Stabenow, Debbie [D-MI] · D · Sponsor
• Sen. Casey, Robert P., Jr. [D-PA] · D · Sponsor
• Sen. Padilla, Alex [D-CA] · D · Sponsor
• Sen. Hirono, Mazie K. [D-HI] · D · Sponsor
• Sen. Booker, Cory A. [D-NJ] · D · Sponsor
• Sen. Klobuchar, Amy [D-MN] · D · Sponsor
• Sen. Reed, Jack [D-RI] · D · Sponsor
• Sen. Warnock, Raphael G. [D-GA] · D · Sponsor
• Sen. Feinstein, Dianne [D-CA] · D · Sponsor
• Sen. Blumenthal, Richard [D-CT] · D · Sponsor
• Sen. Van Hollen, Chris [D-MD] · D · Sponsor
• · ssfi00 · Standing

Related records

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