[20211102]IF11960_股票回购的消费税和回购股息的税收优惠.pdf

https:/crsreports.congress.gov November 2, 2021An Excise Tax on Stock Repurchases and Tax Advantages of Buybacks over DividendsThe Build Back Better Act (H.R. 5376), as reported by the Committee on the Budget, includes a provision to impose a 1% excise tax on stock repurchases by publicly traded corporations. Stock repurchases are another way to distribute income to shareholders and, compared to dividends, have favorable tax treatment. What Is a Stock Repurchase? A stock repurchase or buy-back occurs when a firm buys its own shares. This repurchase can be made by a tender offer to shareholders, who can then indicate how many shares they wish to sell and at what price, or, more commonly, shares can be purchased on the open market. Stock repurchases have been increasing compared to dividends. (See CRS Legal Sidebar LSB10266, Stock Buybacks: Background and Reform Proposals, by Jay B. Sykes.) Historically, dividends were the major form of distributing income and share repurchases were rare. Repurchases began to be more common in the mid-1990s, and by the early 2000s, dividends and repurchases were similar in magnitude. By 2004, annual share repurchases had typically begun to exceed di