Protecting American Savers and Retirees Act
Source: Congress.gov ·
247 words in original text
What This Bill Does
This bill removes a tax on companies when they buy back their own stock. The tax being removed is called an excise tax (a special government fee on certain activities). The bill is called the "Protecting American Savers and Retirees Act."
Who It Affects
Corporations that repurchase their own stock are directly affected. Shareholders (people who own pieces of companies) may be indirectly affected.
Key Provisions
• Chapter 37 of the Internal Revenue Code of 1986 is completely removed (Sec. 2(a))
• The table of chapters for subtitle D is updated to remove the reference to chapter 37 (Sec. 2(b))
What Changes
The excise tax on corporate stock repurchases no longer exists. Companies can buy back their own stock without paying this specific tax.
Important Definitions
None explicitly defined in bill text.
Effective Date
For tax years beginning after December 31, 2022 (Sec. 2(c))
Important: This plain English summary was generated by AI and is provided for informational purposes only.
It is not legal advice. Always consult the official bill text on Congress.gov
or a qualified attorney for legal matters.