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- S.4768
S.4768: Taxing Big Oil Profiteers Act
About This Bill
- Introduced Aug. 4, 2022
- Latest Major Action Aug. 4, 2022
Bill Sponsor
Bill Cosponsors
13 (All Democrats)
Bill Version
- Introduced in Senate - Aug. 4, 2022
Bill Summary
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...
(Source: Library of Congress)
Bill Actions
| Date | Description |
|---|---|
| Aug. 4, 2022 |
Read twice and referred to the Committee on Finance.
|
| Aug. 4, 2022 |
Introduced in the Senate by Ron Wyden (D-Ore.) |