summary
Introduced
09/20/2021
09/20/2021
In Committee
09/20/2021
09/20/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to impose an excise tax on stock buybacks of publicly traded cor- porations.
AI Summary
This bill, titled the "Stock Buyback Accountability Act of 2021," would impose a 2% excise tax on the value of any stock repurchased by publicly traded domestic corporations and certain foreign corporations. The tax would not apply in certain cases, such as when the repurchase is part of a corporate reorganization, the repurchased stock is contributed to an employee retirement plan, or the total value of repurchases in a calendar year does not exceed $1 million. The bill also prohibits deductions for the excise tax and authorizes the Secretary of the Treasury to issue regulations to prevent the avoidance of the tax's purpose.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Read twice and referred to the Committee on Finance. (on 09/20/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/senate-bill/2758/all-info |
| BillText | https://www.congress.gov/117/bills/s2758/BILLS-117s2758is.pdf |
| Bill | https://www.congress.gov/117/bills/s2758/BILLS-117s2758is.pdf.pdf |
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