![]() Part 1-Lowering Prices Through Drug Price Negotiation Subtitle B-Prescription Drug Pricing Reform It also provides additional funding for the Department of the Treasury Inspector General for Tax Administration, the Office of Tax Policy, the Tax Court, and Treasury departmental offices. 10301) The act 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. Part 3-Funding the Internal Revenue Service and Improving Taxpayer Compliance The tax applies to purchases of corporate stock by certain corporate subsidiaries and foreign corporations. 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. Part 2-Excise Tax on Repurchase of Corporate Stock ![]() The tax is effective in taxable years beginning after December 31, 2022. 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.
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