Protecting American Savers and Retirees Act

Bill: 119-hr-684
Sponsor: full_name: Rep. Kustoff, David [R-TN-8]
Introduced: 2025-01-23
Policy area: Taxation
Latest action: action_date: 2025-01-23
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2025-01-23
action_desc: Introduced in House
text: <p><strong>Protecting American Savers and Retirees Act </strong></p><p>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.</p><p>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.)</p>

tv_txt: I 119th CONGRESS 1st Session H. R. 684 IN THE HOUSE OF REPRESENTATIVES January 23, 2025 Mr. Kustoff introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to repeal the excise tax on repurchase of corporate stock.

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Repeal of excise tax on repurchase of corporate stock (a) In general Chapter 37 of the Internal Revenue Code of 1986 is repealed. (b) Clerical amendment The table of chapters for subtitle D is amended by striking the item relating to chapter 37. (c) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2024.