119th Congress
H.R. 684
Protecting American Savers and Retirees Act
- Introduced
- In committee
- Passed House
- Passed Senate
- To President
- Became law
- Sponsor
- David Kustoff(R-TN)
- Introduced
- Jan 23, 2025
- Policy area
- Taxation
- Committees
- House Committee on Ways and Means
- Official text
- Introduced in House · Congress.gov page
Cosponsors (0)
No cosponsors.
Summary
Summary by the Congressional Research Service· describes the “Introduced in House” version
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.)
Roll-call votes
No recorded votes on this bill.
Actions
- Jan 23, 2025 · House
Referred to the House Committee on Ways and Means. - Jan 23, 2025
Introduced in House