Taxing Buybacks from Big Oil Windfalls Act

Summary

The bill changes the tax code so that large oil and gas companies that buy back their own shares pay a 25% excise tax instead of the current 1% rate. It only applies to companies with at least $1 billion in average annual gross receipts and that are primarily in oil or natural‑gas operations, and the higher tax stops once regular gasoline prices stay below $2.937 per gallon for five weeks. The aim is to curb stock buybacks that generate windfall profits for big oil when fuel prices are low.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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