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ACC Letter to the IRS Regarding Excise Tax on Stock Repurchases 

ACC appreciates the opportunity to provide comments on Notice 2023-2 (the Notice) regarding section 4501, a one percent excise tax on repurchases of corporate stock (the Excise Tax), which was enacted as part of the Inflation Reduction Act. The Excise Tax applies to the fair market value of any stock repurchased by a U.S. corporation that is traded on a securities exchange. In the case of foreign-headquartered corporation, the Excise Tax applies to a purchase from third parties of foreign-parent stock by a U.S. corporation or partnership that is more than 50% owned, directly or indirectly, by such foreign parent.

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American Chemistry Council

The American Chemistry Council’s mission is to advocate for the people, policy, and products of chemistry that make the United States the global leader in innovation and manufacturing. To achieve this, we: Champion science-based policy solutions across all levels of government; Drive continuous performance improvement to protect employees and communities through Responsible Care®; Foster the development of sustainability practices throughout ACC member companies; and Communicate authentically with communities about challenges and solutions for a safer, healthier and more sustainable way of life. Our vision is a world made better by chemistry, where people live happier, healthier, and more prosperous lives, safely and sustainably—for generations to come.

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