,,ii  #aaith ,,congress  #b;d ,session  
,s4 #dehh  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #bj1      
#bjbf,mr4 ,wyden 7for himself1 ,mr4     
,schumer1 ,mr4 ,bennet1 ,mr4            
,whitehouse1 ,mr4 ,welch1 ,mr4 ,kim1    
,mr4 ,blumenthal1 ,mr4 ,van ,hollen1    
,mr4 ,reed1 ,mr4 ,booker1 ,ms4 ,hirono1 
,mr4 ,markey1 ,mr4 ,merkley1 ,mr4       
,schatz1 and ,ms4 ,smith7 introduced the
 following bill2 which was read twice   
and referred to the ,committee on       
,finance  ,a ,,bill  ,to amend the      
,internal ,revenue ,code of #aihf to    
increase the excise tax for the         
repurchase of corporate stock by large  
oil and gas companies4  #a4 ,short title
 ,this ,act may be cited as the ,taxing 
,buybacks from ,big ,oil ,windfalls     
,act4  #b4 ,increase in tax on          
repurchase of corporate stock by large  
oil and gas companies ,section #deja of 
the ,internal ,revenue ,code of #aihf is
 amended by redesignating subsection 7f7
 as subsection 7g7 and by inserting     

after subsection 7e7 the following new  
subsection3  7f7 ,application to large  
oil and gas companies  7#a7 ,in general 
,in the case of a covered corporation   
which is an applicable corporation for  
the taxable year1 subsection 7a7 shall  
be applied by substituting #be percent  
for #a percent4  7#b7 ,applicable       
corporation ,for purposes of this       
subsection-- 7,a7 ,in general ,the term 
applicable corporation means1 with      
respect to any taxable year1 any        
corporation if-- 7i7 the average annual 
gross receipts of such corporation for  
the #c-taxable-year period ending with  
the taxable year which precedes such    
taxable year equals or exceeds          
#a1jjj1jjj1jjj1 and  7ii7 such          
corporation is primarily engaged in #a  
or more oil or natural gas trades or    
businesses during the taxable year4     
,for purposes of clause 7i71 rules      
similar to the rules of paragraphs 7#b7 
and 7#c7 of section #ddh7;c7 shall      
apply4  7,b7 ,oil or natural gas trade  

or business ,the term oil or natural gas
 trade or business means any trade or   
business that consists of one or more of
 the following3 7i7 ,the production of  
oil or natural gas4  7ii7 ,the refining 
of oil or natural gas4  7iii7 ,the      
processing of oil or natural gas4  7iv7 
,the transportation of oil or natural   
gas4  7v7 ,the distribution of oil or   
natural gas4  7#c7 ,application of      
subsection  7,a7 ,in general ,this      
subsection shall apply to repurchases of
 stock made-- 7i7 after the date of the 
enactment of this subsection1 and  7ii7 
before the first day of the first month 
beginning after the gasoline price      
requirement of subparagraph 7,b7 is met4
  7,b7 ,gasoline price requirement ,the 
gasoline price requirement of this      
subparagraph is met if the weekly retail
 price of all formulations of regular   
gasoline 7as determined by the ,energy  
,information ,administration of the     
,department of ,energy7 is less than    
#b4icg per gallon for each week         

occurring during any #e-;consecutive    
week period ending after the date of the
 enactment of this subsection4  7,c7    
,special rule ,for purposes of applying 
subsection 7c77#c7 to any taxable year  
which includes a period to which this   
subsection applies and a period to which
 this subsection does not apply1 the    
amount of the reduction determined under
 such subsection for such taxable year  
shall be applied-- 7i7 by reducing stock
 repurchased during the period this     
subsection does not apply in the amount 
which bears the same ratio to the total 
amount of the reduction so determined   
for such taxable year as-- 7,i7 the     
number of days in the taxable year      
during such period1 bears to  7,,ii7 the
 total number of days in such taxable   
year1 and  7ii7 by reducing stock       
repurchased during the period this      
subsection applies by the excess 7if    
any7 of the total amount of the         
reduction so determined for such taxable
 year over the amount of the reduction  

determined under clause 7i74  4