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Congressional Daily Record
This section focuses on legislation moving through Congress. It mentions legislation such as Stock Buyback Accountability Act of 2026, committees such as Committee on Finance, members such as Charles Ellis Schumer.
Issued
June 16, 2026
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Download official Senate Record PDFReturn to issue contextBy Mr. SCHUMER (for himself, Mr. Wyden, Ms. Warren, Mr. Reed, Mr.
Van Hollen, Mr. Markey, and Mr. Whitehouse):
S. 4796. A bill to amend the Internal Revenue Code of 1986 to increase the rate of the excise tax on the repurchase of corporate stock, and for other purposes; to the Committee on Finance.
Mr. SCHUMER. Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.
S. 4796
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 “Stock Buyback Accountability
Act of 2026”.
SEC. 2. MODIFICATIONS TO TAX ON REPURCHASE OF CORPORATE
STOCK.
(a) Increase in Rate of Tax.—Section 4501(a) of the
Internal Revenue Code of 1986 is amended by striking “1
percent” and inserting “4 percent”.
(b) Modification of Adjustments.—Section 4501(c)(3) of the
Internal Revenue Code of 1986 is amended—
(1) by striking “The amount” and inserting the following:
“(A) In general.—The amount”, and
(2) by adding at the end the following new subparagraph:
“(B) Exception for stock issued to certain persons.—
Subparagraph (A) shall not apply to so much of the fair
market value of any stock issued or provided to—
“(i) an employee who is a covered employee (within the
meaning of section 162(m)(3)) or a specified covered employee
(within the meaning of section 162(m)(7)(C)), or
“(ii) a person (other than an employee described in clause
(i)) who receives remuneration (within the meaning of section
162(m)(4)) during any taxable year of the covered corporation
beginning after December 31, 2025, in excess of $1,000,000
for services performed by such person for such covered
corporation or any specified affiliate of such covered
corporation.”.
(c) Effective Date.—
(1) Rate.—
(A) In general.—The amendment made by subsection (a)
section shall apply to repurchases (within the meaning of
section 4501(c) of the Internal Revenue Code of 1986) of
stock after the date of the enactment of this Act.
(B) Special rule.—For purposes of applying section
4501(c)(3) of the Internal Revenue Code to any taxable year
which includes the date of the enactment of this Act, the
amount of the reduction determined under such section for
such taxable year shall be applied—
(i) by reducing stock repurchased on or before such date of
enactment in the amount which bears the same ratio to the
total amount of the reduction so determined for such taxable
year as—
(I) the number of days in the taxable year on or before
such date of enactment, bears to
(II) the total number of days in such taxable year, and
(ii) by reducing stock repurchased after such date of the
enactment by the excess (if any) of the total amount of the
reduction so determined for such taxable year over the amount
of the reduction determined under clause (i).
(2) Adjustments.—The amendments made by subsection (b)
shall apply to stock issued or provided in taxable years
ending more than 90 days after the date of the enactment of
this Act.