Taxing Buybacks from Big Oil Windfalls Act
Sponsored By: Senator Wyden, Ron [D-OR]
Introduced
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.
Show full summary
- 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.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Higher buyback tax for big oil
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 gas businesses. The higher rate would apply to repurchases made after enactment and would stop before the first day of the first month that begins after gasoline prices fall below $2.937 per gallon for five straight weeks, as measured by the Energy Information Administration. For tax years that include both covered and uncovered periods, the bill would prorate the year's buyback tax between the periods by days, then apply any remaining reduction to the covered period.
Sponsors & CoSponsors
Sponsor
Wyden, Ron [D-OR]
OR • D
Cosponsors
Sen. Schumer, Charles E. [D-NY]
NY • D
Sponsored 5/20/2026
Sen. Bennet, Michael F. [D-CO]
CO • D
Sponsored 5/20/2026
Sen. Whitehouse, Sheldon [D-RI]
RI • D
Sponsored 5/20/2026
Sen. Welch, Peter [D-VT]
VT • D
Sponsored 5/20/2026
Sen. Kim, Andy [D-NJ]
NJ • D
Sponsored 5/20/2026
Sen. Blumenthal, Richard [D-CT]
CT • D
Sponsored 5/20/2026
Sen. Van Hollen, Chris [D-MD]
MD • D
Sponsored 5/20/2026
Sen. Reed, Jack [D-RI]
RI • D
Sponsored 5/20/2026
Sen. Booker, Cory A. [D-NJ]
NJ • D
Sponsored 5/20/2026
Sen. Hirono, Mazie K. [D-HI]
HI • D
Sponsored 5/20/2026
Sen. Markey, Edward J. [D-MA]
MA • D
Sponsored 5/20/2026
Sen. Merkley, Jeff [D-OR]
OR • D
Sponsored 5/20/2026
Sen. Schatz, Brian [D-HI]
HI • D
Sponsored 5/20/2026
Sen. Smith, Tina [D-MN]
MN • D
Sponsored 5/20/2026
Sen. Klobuchar, Amy [D-MN]
MN • D
Sponsored 6/1/2026
Sen. Blunt Rochester, Lisa [D-DE]
DE • D
Sponsored 6/15/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov