I
119th CONGRESS
1st Session
H. R. 684
IN THE HOUSE OF REPRESENTATIVES
January 23, 2025
Mr. Kustoff introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to repeal the excise tax on repurchase of corporate stock.
Section 1. Short title
This Act may be cited as the Protecting American Savers and Retirees Act
.
Sec. 2. Repeal of excise tax on repurchase of corporate stock
(a) In general
Chapter 37 of the Internal Revenue Code of 1986 is repealed.
(b) Clerical amendment
The table of chapters for subtitle D is amended by striking the item relating to chapter 37.
(c) Effective date
The amendment made by this section shall apply to taxable years beginning after December 31, 2024.