Bill > HR684

This bill proposes to repeal the existing excise tax on corporate stock repurchases by eliminating Chapter 37 of the Internal Revenue Code of 1986. The excise tax, which was previously imposed on companies that bought back their own stock, would be completely removed, with the repeal taking effect for taxable years beginning after December 31, 2024. The legislation, titled the "Protecting American Savers and Retirees Act," aims to remove a financial burden on corporations that engage in stock buyback programs, which are a method companies use to return value to shareholders by purchasing and retiring their own outstanding shares. By repealing this tax, the bill seeks to provide more financial flexibility for corporations and potentially encourage investment and shareholder value.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/684/all-info