118 HR 515 IH: Protecting American Savers and Retirees Act U.S. House of Representatives 2023-01-25 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS1st SessionH. R. 515IN THE HOUSE OF REPRESENTATIVESJanuary 25, 2023Mr. Kustoff (for himself, Mr. LaHood, and Mr. Schweikert) introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to repeal the excise tax on repurchase of corporate stock.

1.

Short title

This Act may be cited as the Protecting American Savers and Retirees Act.

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Chapter 37 of the Internal Revenue Code of 1986 is repealed.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, 2022.