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119th CONGRESS
1st Session |
To amend the Internal Revenue Code of 1986 to repeal the excise tax on repurchase of corporate stock.
Mr. Kustoff introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to repeal the excise tax on repurchase of corporate stock.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
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(a) In general.—Chapter 37 of the Internal Revenue Code of 1986 is repealed.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.