One of the headline tax changes in the Inflation Reduction Act of 2022, Public Law 117-169, is a 1% excise tax on stock repurchases by public companies. Public issuers should be aware that the new tax, which applies beginning January 1, 2023, extends broadly to situations beyond run-of-the-mill share repurchases, and the provision for netting new issuances against repurchases can operate in unexpected ways. Companies should analyze the potential application of this tax to any transaction involving the purchase, exchange, or transfer of their stock.