Project 2025 Tracker / What’s done, what’s next

22. Department of the Treasury · Major · Needs Congress

Repeal all Inflation Reduction Act tax increases

Not started

696 22. Department of the Treasury

“In addition, intermediate tax reform should repeal all tax increases that were passed as part of the Inflation Reduction Act, including the book minimum tax, the stock buyback excise tax, the coal excise tax, the reinstated Superfund tax, and excise taxes on drug manufacturers to compel them to comply with Medicare price controls.”

What has happened

  1. Not started

    The 2025 reconciliation act (Public Law 119-21) repealed none of the five Inflation Reduction Act taxes the Mandate names. The corporate alternative minimum ('book') tax survives — section 70523 only lets intangible drilling costs be subtracted in computing adjusted financial statement income — and the enrolled text contains no reference to the section 4501 stock-buyback excise tax, the coal excise tax, the reinstated Superfund excise taxes, or the section 5000D excise tax on drug manufacturers. The one repeal bill, S. 796 (Book Minimum Tax Repeal Act), was referred to the Finance Committee on 2025-02-27 and went no further.

Research log

What was searched, and what didn’t count as evidence

Research notes

  • The enrolled text of Public Law 119-21 was searched for 4501, repurchase of corporate stock, superfund, 4661, 4671, 5000D, designated drugs, corporate alternative minimum, adjusted financial statement income and 4121. The only hit is section 70523, “Intangible drilling and development costs taken into account for purposes of computing adjusted financial statement income” — a narrowing of the book minimum tax base for oil and gas producers, not a repeal. The single 4501 hit is the Defense Production Act citation in Title III.
  • jq over bills.ndjson for book minimum|stock buyback|superfund|excise tax returns S. 796 (repeal of the corporate AMT, referred) and S. 4796, the Stock Buyback Accountability Act of 2026 (2026-06-16), which would raise the buyback excise tax — the opposite direction.
  • Treasury’s press index carries no announcement of relief from any of the five taxes.
  • The green-energy half of the Mandate’s Inflation Reduction Act ask is tracked separately as #1926; this item covers only the tax increases.
Action
repeal
Object
Inflation Reduction Act tax increases
ID
1925