U.S. Congressional Research Service Publishes Tax Provisions in the Inflation Reduction Act Including the Excise Tax on Corporate Stock Repurchases

The U.S. Congressional Research Services (CRS) has published an updated report on the Tax Provisions in the Inflation Reduction Act of 2022 (H.R. 5376), dated 10 August 2022. The report covers the tax provisions as passed by the Senate on 7 August 2022, which include:

• Establishing a corporate minimum tax;
• Imposing an excise tax on corporate stock repurchases;
• Establishing an excise tax on drug manufacturers, producers, and importers who fail to enter into drug pricing agreements;
• Extendi…