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Protecting American Savers and Retirees Act
To amend the Internal Revenue Code of 1986 to repeal the excise tax on repurchase of corporate stock.
Summary
This bill repeals the federal excise tax on the repurchase of corporate stock, which was enacted in 2022. The tax, codified in Chapter 37 of the Internal Revenue Code, imposes a 4% excise tax on the fair market value of stock repurchased by publicly traded corporations. The repeal would be effective for taxable years beginning after December 31, 2024.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Kustoff, David [R-TN-8] (R-TN)
Actions (2)
- Jan 23, 2025 Referred to the House Committee on Ways and Means. · house
- Jan 23, 2025 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Protecting American Savers and Retirees Act”.
SEC. 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(a) In General.—Chapter 37 of the Internal Revenue Code of 1986 is repealed.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. <all>
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