Taxing Big Oil Profiteers Act

Senate Bill 4768 - Taxing Big Oil Profiteers Act: Overview, Status, and Impact

Hozzl · 2022-12-29T19:18:37Z

Explore the details of Senate Bill 4768 Taxing Big Oil Profiteers Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/29/2022, 7:18 PM

Congressional Summary of S 4768

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.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill S 4768

Bill S 4768 is currently in the status of Bill Introduced since August 4, 2022. Bill S 4768 was introduced during Congress 117 and was introduced to the Senate on August 4, 2022. Bill S 4768's most recent activity was Read twice and referred to the Committee on Finance. as of August 4, 2022

Bipartisan Support of Bill S 4768

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 4768

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 4768

Taxing Big Oil Profiteers Act

A bill to amend the Internal Revenue Code of 1986 to tax excess profits of large oil and gas companies, to impose a tax on the repurchase of stock by large oil and gas companies, to end the use of the LIFO method of accounting by large oil and gas trades or businesses, and for other purposes.