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HR684119th CongressWALLET
Protecting American Savers and Retirees Act
Sponsored By: Representative Kustoff, David [R-TN-8]
Introduced
Summary
Repeals the 1% excise tax on corporate stock repurchases. This bill would repeal Chapter 37 of the Internal Revenue Code and remove the 1% excise tax on repurchases of stock by domestic corporations whose shares trade on established securities markets, a tax created in the Inflation Reduction Act of 2022, and it would make a clerical change to the tax code table of chapters and apply the repeal to taxable years beginning after December 31, 2024.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
End tax on company stock buybacks
If enacted, this bill would repeal the federal tax on corporate stock buybacks. The repeal would apply to taxable years beginning after December 31, 2024. Companies that repurchase their own stock would not owe this excise tax. Shareholders and investors could benefit if companies face lower tax costs. It would not directly change most households’ income taxes.
Sponsors & CoSponsors
Sponsor
Kustoff, David [R-TN-8]
TN • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov