Protecting American Savers and Retirees Act

Protecting American Savers and Retirees Act

This bill repeals the 1% excise tax on the repurchase of corporate stock enacted by the Inflation Reduction Act of 2022.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8853 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 8853

To amend the Inflation Reduction Act of 2022 to prevent the excise tax 
          on repurchase of corporate stock from taking effect.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 15, 2022

 Mr. Kustoff (for himself, Mr. LaHood, and Mr. Schweikert) introduced 
  the following bill; which was referred to the Committee on Ways and 
                                 Means

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                                 A BILL


 
To amend the Inflation Reduction Act of 2022 to prevent the excise tax 
          on repurchase of corporate stock from taking effect.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

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.--The Inflation Reduction Act of 2022 (Public Law 
117-169) is amended by striking section 10201.
    (b) Effective Date.--The amendment made by this section shall take 
effect as if included in the Inflation Reduction Act of 2022.
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