This bill would increase the federal excise tax on stock buybacks for large oil and gas companies from 1 percent to 25 percent. The higher tax rate would apply to oil and gas corporations with average annual gross receipts of at least $1 billion over the prior three years that engage in production, refining, processing, transportation, or distribution of oil or natural gas. The increased tax would take effect after the bill's enactment but would automatically expire once the average weekly price of regular gasoline falls below $2.937 per gallon for five consecutive weeks, as measured by the Department of Energy. This temporary measure is intended to discourage large energy companies from using profits to repurchase their own stock rather than investing in other priorities during periods of high oil and gas prices.
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