Protecting American Savers and Retirees Act

HR 684, the Protecting American Savers and Retirees Act, repeals a tax on corporate stock buybacks. The bill removes Chapter 37 of the Internal Revenue Code, which imposed an excise tax on companies repurchasing their own shares. This change directly affects corporations that engage in stock buyback programs by eliminating this tax liability. The repeal takes effect for taxable years beginning after December 31, 2024.