arrow_back Back to App

New Taxes for Big Oil: Excess Profits and Stock Buybacks

This act introduces new taxes for large oil and gas companies that achieve high profits. The goal is to increase government revenue. Additionally, these companies will pay a tax on stock repurchases and will no longer be able to use their previous inventory accounting method, which may affect their profits and fuel prices.
Key points
A new 21% tax on the excess profits of large oil and gas companies with annual revenues exceeding one billion dollars.
Introduction of a 25% tax on stock repurchases by these companies, intended to discourage such actions.
Termination of the LIFO (Last-In, First-Out) inventory accounting method for large oil and gas companies, potentially increasing their taxable income.
These provisions are set to expire at the end of 2025.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_4768
Sponsor: Sen. Wyden, Ron [D-OR]
Process start date: 2022-08-04
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Taxing Big Oil Profiteers Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4768.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-08-04.

What are the main provisions?

Key points include:

  • A new 21% tax on the excess profits of large oil and gas companies with annual revenues exceeding one billion dollars.
  • Introduction of a 25% tax on stock repurchases by these companies, intended to discourage such actions.
  • Termination of the LIFO (Last-In, First-Out) inventory accounting method for large oil and gas companies, potentially increasing their taxable income.
  • These provisions are set to expire at the end of 2025.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Wyden, Ron [D-OR].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Economy