The 1% excise tax on certain stock buy-back transactions (the Excise Tax) that was enacted as part of the Inflation Reduction Act of 2022 (IRA) went into effect on January 1, 2023. You can find more information about the Excise Tax and other provisions of the IRA in our previous alert (link here).
Source: IRS Issues Initial Guidance on the New 1% Excise Tax on Certain Stock Buy-Back Transactions