# 119-s-4588: Taxing Buybacks from Big Oil Windfalls Act

119-s-4588, Taxing Buybacks from Big Oil Windfalls Act, is a 119th Congress bill sponsored by Sen. Wyden, Ron [D-OR] (D-OR); status introduced; PRIA reads it as touching household money (as of 2026-06-25).

- Canonical: https://policyrisk.com/legislation/119-s-4588
- As of: 2026-06-25
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-4588
- Congress: 119
- Title: Taxing Buybacks from Big Oil Windfalls Act
- Status: introduced
- Introduced: 2026-05-20
- Sponsor: Sen. Wyden, Ron [D-OR] (D-OR)
- Cosponsors: 16
- Policy area: Taxation
- Touches household money: yes
- Last recorded action: 2026-06-25

## Summary

**Raises the excise tax on stock buybacks by very large oil and gas companies to 25%.** This higher rate is temporary and ends after a short gasoline-price test is met. - Who is covered. Companies would be covered if they have $1 billion or more in average annual gross receipts over the prior three years and are primarily engaged in oil or natural gas trades or businesses. - What activities count. The bill targets firms doing oil or gas production, refining, processing, transportation, or distribution. - When it applies. The 25% rate would apply to repurchases made after enactment and stop after any 5-week period in which weekly regular gasoline prices are under $2.937 per gallon, as measured by the Energy Information Administration. - Tax-year allocation. If a tax year spans both covered and uncovered periods the bill sets rules to split reductions and allocate repurchases between those periods.

## Cosponsors (16)

- Sen. Schumer, Charles E. [D-NY] (D-NY), 2026-05-20T00:00:00.000Z
- Sen. Bennet, Michael F. [D-CO] (D-CO), 2026-05-20T00:00:00.000Z
- Sen. Whitehouse, Sheldon [D-RI] (D-RI), 2026-05-20T00:00:00.000Z
- Sen. Welch, Peter [D-VT] (D-VT), 2026-05-20T00:00:00.000Z
- Sen. Kim, Andy [D-NJ] (D-NJ), 2026-05-20T00:00:00.000Z
- Sen. Blumenthal, Richard [D-CT] (D-CT), 2026-05-20T00:00:00.000Z
- Sen. Van Hollen, Chris [D-MD] (D-MD), 2026-05-20T00:00:00.000Z
- Sen. Reed, Jack [D-RI] (D-RI), 2026-05-20T00:00:00.000Z
- Sen. Booker, Cory A. [D-NJ] (D-NJ), 2026-05-20T00:00:00.000Z
- Sen. Hirono, Mazie K. [D-HI] (D-HI), 2026-05-20T00:00:00.000Z
- Sen. Markey, Edward J. [D-MA] (D-MA), 2026-05-20T00:00:00.000Z
- Sen. Merkley, Jeff [D-OR] (D-OR), 2026-05-20T00:00:00.000Z
- Sen. Schatz, Brian [D-HI] (D-HI), 2026-05-20T00:00:00.000Z
- Sen. Smith, Tina [D-MN] (D-MN), 2026-05-20T00:00:00.000Z
- Sen. Klobuchar, Amy [D-MN] (D-MN), 2026-06-01T00:00:00.000Z
- Sen. Blunt Rochester, Lisa [D-DE] (D-DE), 2026-06-15T00:00:00.000Z

## Provisions PRIA read

- Higher buyback tax for big oil: cost, medium. This bill would raise the excise tax on corporate stock repurchases by large oil and gas firms from 1% to 25% for covered buybacks. It would apply to corporations with average annual gross receipts of $1 billion or more (measured over the prior three taxable years) that are mainly in oil or natural…

## Related bills

- 119-s-5066: Health Equity and Accountability Act of 2026
- 119-s-2823: FAMILY Act
- 119-s-3869: Healthy Families Act
- 119-s-51: Washington, D.C. Admission Act
- 119-s-5108: Right to IVF Act of 2026
- 119-s-1503: Equality Act

## Sources
- [119-s-4588 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/4588)

## Related
- [119-s-5066: Health Equity and Accountability Act of 2026](https://policyrisk.com/legislation/119-s-5066)
- [119-s-2823: FAMILY Act](https://policyrisk.com/legislation/119-s-2823)
- [119-s-3869: Healthy Families Act](https://policyrisk.com/legislation/119-s-3869)
- [119-s-51: Washington, D.C. Admission Act](https://policyrisk.com/legislation/119-s-51)
- [119-s-5108: Right to IVF Act of 2026](https://policyrisk.com/legislation/119-s-5108)
- [119-s-1503: Equality Act](https://policyrisk.com/legislation/119-s-1503)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-4588 (as of 2026-06-25).