- Recently issued Notice 2023-02 provides interim guidance about the excise tax on corporate stock repurchases and announces forthcoming proposed regulations.
- Comments are requested to help assess what additional guidance is needed in the short term and to inform the proposed regulations.
The U.S. Department of the Treasury and the IRS recently issued Notice 2023-02 announcing that proposed regulations will be issued regarding the excise tax on corporate stock repurchases under the Inflation Reduction Act of 2022 (IRA). The notice also provides initial interim guidance regarding the types of transactions subject to the excise tax and the computation of the excise tax. Additionally, the notice provides interim guidance that will be included in proposed regulations for reporting and paying the new excise tax and requests comments regarding the specific provisions in the notice and the general operation of the excise tax.