H.R. 5376, As Amended

Sponsor: John Yarmuth (D-KY)

TITLE I--COMMITTEE ON FINANCE Subtitle A--Deficit Reduction Part 1--Corporate Tax Reform (Sec. 10101) This act imposes an alternative minimum tax of 15% of the average annual adjusted financial statement income of domestic corporations (excluding Subchapter S corporations, regulated investment companies, and real estate investment trusts) that exceeds $1 billion over a specified 3-year period. The tax is effective in taxable years beginning after December 31, 2022. Part 2--Excise Tax on Repurchase of Corporate Stock (Sec. 10201) The act imposes a non-deductible 1% excise tax on the fair market value of stock repurchased by a publicly traded domestic corporation after 2022, with certain exceptions, including for repurchases that are part of a reorganization, are less than $1 million, that are contributed to certain tax-exempt retirement plans, or that are treated as a dividend.

Economics and Public Finance Topic assigned by the Congressional Research Service. CRS gives each bill one topic, based on the bill as introduced. This one carries 280 subject terms, so it spans well beyond that single label.