electED.

HR 684 · 119th Congress — Protecting American Savers and Retirees Act

Protecting American Savers and Retirees Act 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…

Congress
119
Bill
HR 684
Status
Introduced
Introduced
2025-01-23
Latest action date
2025-01-23

Summary

Protecting American Savers and Retirees Act 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.)

This summary may describe an earlier version. Check the official record for current wording.

Latest action

Referred to the House Committee on Ways and Means.

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