Protecting American Savers and Retirees Act
- Introduced Jan 23
- Committee Jan 23
- Passed House Next
- Passed Senate Not yet
- To President Not yet
- Law Not yet
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Summary
Protecting American Savers and Retirees Act
Full summary2 paragraphs
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.)
Library of Congress summary, Jan 23, 2025
- Introduced in HouseJan 23, 2025
Actions
- HouseIntroduced in HouseJan 23, 2025
- HouseReferred to the House Committee on Ways and Means.Jan 23, 2025
Bill record
Text versions1
- Introduced in HouseJan 23, 2025PDF: Introduced in House
Committees1
- House Ways and Means CommitteeReferred To Jan 23, 2025
Sponsor and cosponsors0 cosponsors
- Rep. David Kustoff (R-TN-8)Sponsor, Jan 23, 2025
Amendments0
No amendments offered
Cost estimates and reports0
No cost estimate or committee report yet
Titles2
- Protecting American Savers and Retirees ActShort Title(s) as Introduced
- To amend the Internal Revenue Code of 1986 to repeal the excise tax on repurchase of corporate stock.Official Title as Introduced
Subjects1
Related bills0
No related bills listed
Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 28, 2026.