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H.R. 684 · 119th Congress

Protecting American Savers and Retirees Act

In committee

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Bill details

Introduced: 1/23/2025
Current status: In committee
Bill ID: 119hr684
Latest official action: Referred to the House Committee on Ways and Means.

Bill overview

A neutral overview based on official congressional sources.

Introduced in House

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.)

Source: BILLSUM · Summary date: 1/23/2025

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Last updated: 1/23/2025Source: BILLSUMBill: 119hr684Learn more →