,,ii  #aai? ,,congress  #b;d ,session   
,s4 #dehh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #bj1 #bjbf,mr4    
,wyd5 7= himself1 ,mr4 ,s*um]1 ,mr4     
,b5net1 ,mr4 ,:iteh\se1 ,mr4 ,wel*1 ,mr4
 ,kim1 ,mr4 ,blum5?al1 ,mr4 ,van ,holl51
 ,mr4 ,re$1 ,mr4 ,book]1 ,ms4 ,hirono1  
,mr4 ,m>key1 ,mr4 ,m]kley1 ,mr4 ,s*atz1 
& ,ms4 ,smi?7 introduc$ ! foll[+ bill2  
:i* 0 read twice & ref]r$ to !          
,committee on ,f9ance  ,a ,,bill  ,to   
am5d ! ,int]nal ,rev5ue ,code ( #aihf to
 increase ! excise tax = ! repur*ase (  
corporate /ock by l>ge oil & gas        
companies4  #a4 ,%ort title ,?is ,act   
may be cit$ z ! ,tax+ ,buybacks f ,big  
,oil ,w9dfalls ,act4  #b4 ,increase 9   
tax on repur*ase ( corporate /ock by    
l>ge oil & gas companies ,section #deja 
( ! ,int]nal ,rev5ue ,code ( #aihf is   
am5d$ by r$esignat+ subsection 7f7 z    
subsection 7g7 & by ins]t+ aft]         
subsection 7e7 ! foll[+ new subsection3 
7f7 ,application to l>ge oil & gas      
companies  7#a7 ,9 g5]al ,9 ! case ( a  

cov]$ corporation :i* is an applicable  
corporation = ! taxable ye>1 subsection 
7a7 %all be appli$ by sub/itut+ #be     
p]c5t = #a p]c5t4  7#b7 ,applicable     
corporation ,= purposes ( ?is           
subsection-- 7,a7 ,9 g5]al ,! t]m       
applicable corporation means1 ) respect 
to any taxable ye>1 any corporation if--
 7i7 ! av]age annual gross receipts (   
su* corporation = ! #c-taxable-ye> p]iod
 end+ ) ! taxable ye> :i* prec$es su*   
taxable ye> equals or exce$s            
#a1jjj1jjj1jjj1 &  7ii7 su* corporation 
is prim>ily engag$ 9 #a or m oil or     
natural gas trades or bus9esses dur+ !  
taxable ye>4  ,= purposes ( clause 7i71 
rules simil> to ! rules ( p>agraphs 7#b7
 & 7#c7 ( section #ddh7;c7 %all apply4  
7,b7 ,oil or natural gas trade or       
bus9ess ,! t]m oil or natural gas trade 
or bus9ess means any trade or bus9ess t 
consi/s ( "o or m ( ! foll[+3 7i7 ,!    
production ( oil or natural gas4  7ii7  
,! ref9+ ( oil or natural gas4  7iii7 ,!
 process+ ( oil or natural gas4  7iv7 ,!

 transportation ( oil or natural gas4   
7v7 ,! di/ribution ( oil or natural gas4
  7#c7 ,application ( subsection  7,a7  
,9 g5]al ,?is subsection %all apply to  
repur*ases ( /ock made-- 7i7 aft] ! date
 ( ! enactm5t ( ?is subsection1 &  7ii7 
be=e ! fir/ day ( ! fir/ mon? beg9n+    
aft] ! gasol9e price requirem5t (       
subp>agraph 7,b7 is met4  7,b7 ,gasol9e 
price requirem5t ,! gasol9e price       
requirem5t ( ?is subp>agraph is met if !
 weekly retail price ( all =mulations ( 
regul> gasol9e 7z det]m9$ by ! ,en]gy   
,in=mation ,adm9i/ration ( ! ,dep>tm5t (
 ,en]gy7 is less ?an #b4icg p] gallon = 
ea* week occurr+ dur+ any               
#e-;consecutive week p]iod end+ aft] !  
date ( ! enactm5t ( ?is subsection4     
7,c7 ,special rule ,= purposes ( apply+ 
subsection 7c77#c7 to any taxable ye>   
:i* includes a p]iod to :i* ?is         
subsection applies & a p]iod to :i* ?is 
subsection does n apply1 ! am\nt ( !    
r$uction det]m9$ "u su* subsection = su*
 taxable ye> %all be appli$-- 7i7 by    

r$uc+ /ock repur*as$ dur+ ! p]iod ?is   
subsection does n apply 9 ! am\nt :i*   
be>s ! same ratio to ! total am\nt ( !  
r$uction s det]m9$ = su* taxable ye> z--
 7,i7 ! numb] ( days 9 ! taxable ye>    
dur+ su* p]iod1 be>s to  7,,ii7 ! total 
numb] ( days 9 su* taxable ye>1 &  7ii7 
by r$uc+ /ock repur*as$ dur+ ! p]iod ?is
 subsection applies by ! excess 7if any7
 ( ! total am\nt ( ! r$uction s det]m9$ 
= su* taxable ye> ov] ! am\nt ( !       
r$uction det]m9$ "u clause 7i74  4