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United States: Proposed regulations under the stock repurchase excise tax – Key Considerations for inbound companies

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Tax news and developments

In brief

On 9 April 2024, Treasury released two sets of proposed regulations regarding the excise tax on repurchases of corporate stock under section 4501. The proposed regulations were published in the Federal Register on 12 April 2024. The first set of proposed regulations includes substantive guidance on the excise tax, while the second covers procedural matters including reporting and payment. Comments are due on the procedural matters by 13 May 2024, but taxpayers have until 11 June 2024 to submit comments on the substantive guidance. These rules have a potentially significant impact on publicly traded non-US companies with US affiliates.

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Author

Paula Levy is a partner in the Tax Practice, based in Palo Alto. She has been a member of Baker McKenzie’s Global Tax Practice since 2012.

Author

Mr. Lipeles practices in the area of corporate tax law, with an emphasis on international tax planning. He joined the firm in 1996 and became a partner in 1999. From 1993 to 1996, Mr. Lipeles was an associate at the law firm of Jenner & Block. From 1994 to 1996, he was also an Adjunct Professor at IIT/Chicago Kent College of Law, where he taught classes on International Taxation and other subjects. Mr. Lipeles served as a law clerk to the Honorable E. Grady Jolly of the U.S. Court of Appeals, Fifth Circuit in 1992 and 1993.

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