119th Congress Taxation
H.R. 684: Protecting American Savers and Retirees Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill repeals the excise tax on the repurchase of corporate stock (commonly known as a stock buyback) enacted by the Inflation Reduction Act of 2022.
Under current law, a domestic corporation whose stock is traded on an established securities market (e.g., the New York Stock Exchange or NASDAQ) is required to pay an excise tax (that is not deductible) on the repurchase of its stock in the amount of 1% of the fair market value of such stock. (Some exceptions apply.)
Written by the Congressional Research Service, Library of Congress.
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History
- Introduced in the House by David Kustoff.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Ways and Means.