A bill to amend the Internal Revenue Code of 1986 to increase the excise tax for the repurchase of corporate stock by large oil and gas companies.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4588 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 4588 To amend the Internal Revenue Code of 1986 to increase the excise tax for the repurchase of corporate stock by large oil and gas companies. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES May 20, 2026 Mr. Wyden (for himself, Mr. Schumer, Mr. Bennet, Mr. Whitehouse, Mr. Welch, Mr. Kim, Mr. Blumenthal, Mr. Van Hollen, Mr. Reed, Mr. Booker, Ms. Hirono, Mr. Markey, Mr. Merkley, Mr. Schatz, and Ms. Smith) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to increase the excise tax for the repurchase of corporate stock by large oil and gas companies. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Taxing Buybacks from Big Oil Windfalls Act''. SEC. 2. 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 after subsection (e) the following new subsection: ``(f) Application to Large Oil and Gas Companies.-- ``(1) In general.--In the case of a covered corporation which is an applicable corporation for the taxable year, subsection (a) shall be applied by substituting `25 percent' for `1 percent'. ``(2) Applicable corporation.--For purposes of this subsection-- ``(A) In general.--The term `applicable corporation' means, with respect to any taxable year, any corporation if-- ``(i) the average annual gross receipts of such corporation for the 3-taxable-year period ending with the taxable year which precedes such taxable year equals or e