Taxing Buybacks from Big Oil Windfalls Act
Summary
What This Bill Does
The bill creates short title This Act may be cited as the Taxing Buybacks from Big Oil Windfalls Act and requires increase in tax on repurchase of corporate stock by large oil and gas companies Section 4501 of the Internal Revenue Code of 1986 is amended by redesignating subsection (f) as subsection (g) and by inserting. It relies on tax rate changes, definition changes, compliance mandates, and product standards. The main policy areas are Energy and Environment.
Who Benefits and How
Oil and gas producers, refiners, or users affected by the bill could face reduced risk, Natural gas companies and customers affected by the bill could face lower compliance burdens, and Environmental and public health interests affected by the bill could face lower compliance burdens.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties.
Key Provisions
- Creates short title This Act may be cited as the Taxing Buybacks from Big Oil Windfalls Act.
- Requires increase in tax on repurchase of corporate stock by large oil and gas companies Section 4501 of the Internal Revenue Code of 1986 is amended by redesignating subsection (f) as subsection (g) and by inserting...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill creates short title This Act may be cited as the Taxing Buybacks from Big Oil Windfalls Act and requires increase in tax on repurchase of corporate stock by large oil and gas companies Section 4501 of the Internal Revenue Code of 1986 is amended by redesignating subsection (f) as subsection (g) and by inserting.
Key Policy Areas
Energy, Environment
Primary Purpose
The bill creates short title This Act may be cited as the Taxing Buybacks from Big Oil Windfalls Act and requires increase in tax on repurchase of corporate stock by large oil and gas companies Section 4501 of the Internal Revenue Code of 1986 is amended by redesignating subsection (f) as subsection (g) and by inserting.
Policy Domains
Whole bill
Identified Gains
- Oil and gas producers, refiners, or users affected by the bill
- Natural gas companies and customers affected by the bill
- Environmental and public health interests affected by the bill
- Energy producers and energy supply-chain firms affected by the bill
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
Sponsors
Legislative Progress
In CommitteeRead twice and referred to the Committee on Finance.
Introduced in Senate
Mr. Wyden (for himself, Mr. Schumer, Mr. Bennet, Mr. Whitehouse, …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
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