Business Groups Seek to Scrap Part of Rules on Stock Buyback Tax

Business advocates want the Treasury Department to roll back part of its proposed rules on the stock buyback excise tax that they contend is too sweeping and would place a heavy burden on foreign companies with US subsidiaries.

As Treasury continues pursuing President Donald Trump’s deregulation efforts, the buyback tax regulations are high on many business interests’ lists of rules that they want to see revamped or withdrawn. They contend the regulations’ “funding rule” would penalize companies by levying the buyback tax on lots of their routine transactions that have nothing to do with repurchasing stock.

“This is something that ...