United StatesHouse Bill 684HR 684

Protecting American Savers and Retirees Act

Taxation

2 pages

house
senate
president

Last progress January 23, 2025 (10 months ago)

Introduced on January 23, 2025 by David Kustoff

House Votes

Pending Committee

January 23, 2025 (10 months ago)

Referred to the House Committee on Ways and Means.

Senate Votes

Vote Data Not Available

Presidential Signature

Signature Data Not Available

AI Summary

Text Versions

Text as it was Introduced in House

January 23, 2025•2 pages

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Amendments

No Amendments

This bill would end the federal 1% tax that some companies pay when they buy back their own stock. The tax was created in 2022. The bill repeals it starting with tax years that begin after December 31, 2024. Today, publicly traded U.S. companies generally owe a nondeductible 1% tax on the value of stock they repurchase, with some exceptions; this bill would remove that tax going forward.

Key points:

Who is affected: Publicly traded U.S. corporations that repurchase their own shares.
What changes: The 1% stock buyback tax is repealed.
When: For taxable years beginning after December 31, 2024.