Increases excise tax on stock repurchases by large oil and gas companies.

The Taxing Buybacks from Big Oil Windfalls Act amends the Internal Revenue Code to increase the excise tax on the repurchase of corporate stock by large oil and gas companies. The tax rate rises from 1 percent to 25 percent for applicable corporations, defined as those with average annual gross receipts of $1 billion or more and primarily engaged in oil or natural gas trades or businesses. This change applies to stock repurchases made after the bill's enactment and before a specific gasoline price condition is met.

Increases excise tax on stock repurchases by large oil and gas companies.

The Taxing Buybacks from Big Oil Windfalls Act amends the Internal Revenue Code to increase the excise tax on the repurchase of corporate stock by large oil and gas companies. The tax rate rises from 1 percent to 25 percent for applicable corporations, defined as those with average annual gross receipts of $1 billion or more and primarily engaged in oil or natural gas trades or businesses. This change applies to stock repurchases made after the bill's enactment and before a specific gasoline price condition is met.