S.Amdt. 5784

SA 5784, submitted by Mr. Wyden, aims to increase the tax on the repurchase of corporate stock for large oil and gas companies.

The amendment proposes to change the tax rate from 1 percent to 25 percent for corporations that meet the following criteria:

• They have average annual gross receipts of $1,000,000,000 or more for the 3-taxable-year period ending before the taxable year.
• They are primarily engaged in one or more oil or natural gas trades or businesses, which includes the production, refining, processing, transportation, or distribution of oil or natural gas.

The amendment specifies that this tax increase applies to stock repurchases made after the enactment date and lasts until the gasoline price requirement is met. This requirement is met when the weekly retail price of all regular gasoline formulations is less than $2.937 per gallon for five consecutive weeks.