Protecting American Savers and Retirees Act

Bill: 117-hr-8853
Sponsor: full_name: Rep. Kustoff, David [R-TN-8]
Introduced: 2022-09-15
Policy area: Taxation
Latest action: action_date: 2022-09-15
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2022-09-15
action_desc: Introduced in House
text: <p> <strong>Protecting American Savers and Retirees Act </strong></p> <p>This bill repeals the 1% excise tax on the repurchase of corporate stock enacted by the Inflation Reduction Act of 2022.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 8853 IN THE HOUSE OF REPRESENTATIVES September 15, 2022 Mr. Kustoff (for himself, Mr. LaHood , and Mr. Schweikert ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Inflation Reduction Act of 2022 to prevent the excise tax on repurchase of corporate stock from taking effect.

1. Short title This Act may be cited as the Protecting American Savers and Retirees Act . 2. Repeal of excise tax on repurchase of corporate stock (a) In general The Inflation Reduction Act of 2022 ( Public Law 117–169 ) is amended by striking section 10201. (b) Effective date The amendment made by this section shall take effect as if included in the Inflation Reduction Act of 2022.