HR 684
119th Congress
House
Taxation
Protecting American Savers and Retirees Act
Introduced: January 23, 2025
Introduced by:
Kustoff, David
Republican
· Tennessee
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 23, 2025
Referred to the House Committee on Ways and Means.
Jan 23, 2025
Introduced in House
Plain-English 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.)
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1