The Inflation Reduction Act of 2022 was passed by the Senate on August 7, 2022 and by the House of Representatives on August 12, 2022. President Biden is expected to sign the Act into law this week. The Act will, among other things, impose a new one percent tax on stock repurchases after December 31, 2022 by publicly traded U.S. companies, with unique implications for banking organizations. Stock repurchases will generally be subject to the tax, but regular dividends will not be.