Section 1 Short title
This Act may be cited as the “Protecting American Savers and Retirees Act”.
Protecting American Savers and Retirees Act
A BILL
To amend the Internal Revenue Code of 1986 to repeal the excise tax on repurchase of corporate stock.
Sec. 2 Repeal of excise tax on repurchase of corporate stock
In general— Chapter 37 of the Internal Revenue Code of 1986 is repealed.
Clerical amendment— The table of chapters for subtitle D is amended by striking the item relating to chapter 37.
Effective date— The amendment made by this section shall apply to taxable years beginning after December 31, 2022.