H.R. 5376: Inflation Reduction Act of 2022

CBO Report Details

Legislation Details

117th Congress

To provide for reconciliation pursuant to title II of S. Con. Res. 14.

Sponsor: Rep. George Butterfield — D — NC

TITLE I--COMMITTEE ON FINANCE Subtitle A--Deficit Reduction Part 1--Corporate Tax Reform This bill 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 The bill imposes a 1% excise tax on the fair market value of stock repurchased by a domestic corporation after 2022, with certain exceptions. Part 3--Funding the Internal Revenue Service and Improving Taxpayer Compliance The bill provides additional funding for the Internal Revenue Service for taxpayer services and enforcement, including for operations support, business systems modernization, and the development of a free direct e-file tax return system. It also provides additional ...

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