A bill to amend the Internal Revenue Code of 1954 to impose a 50 percent nondeductible excise tax on certain profits realized in connection with corporate takeover attempts, and for other purposes.

referredUnited States· United States Congress· EN

Introduced

19 February 1985

Last action

19 February 1985 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Jones, James R. [D-OK-1], Rep. Edwards, Mickey [R-OK-5], Rep. English, Glenn [D-OK-6], Rep. McCurdy, Dave [D-OK-4], Rep. Evans, Cooper [R-IA-3], Rep. Tallon, Robert M. (Robin) [D-SC-6], Rep. Owens, Major R. [D-NY-12], Rep. Matsui, Robert T. [D-CA-3], Rep. Stark, Fortney Pete [D-CA-9], Rep. Emerson, Bill [R-MO-8], Rep. Rose, Charlie [D-NC-7], Rep. Breaux, John B. [D-LA-7], Rep. Rahall, Nick J., II [D-WV-4], Rep. Andrews, Michael [D-TX-25], Rep. Huckaby, Thomas J. (Jerry) [D-LA-5], Rep. Eckart, Dennis E. [D-OH-11], Rep. Seiberling, John F. [D-OH-14], Rep. Whittaker, Bob [R-KS-5], Marcy Kaptur, Rep. Glickman, Dan [D-KS-4], Rep. Dixon, Julian C. [D-CA-28], Rep. Savage, Gus [D-IL-2], Rep. Morrison, Sid [R-WA-4], Rep. Kanjorski, Paul E. [D-PA-11], Rep. Kolter, Joseph P. [D-PA-4], Rep. Shaw, E. Clay, Jr. [R-FL-15], Rep. Scheuer, James H. [D-NY-11], Rep. Lipinski, William O. [D-IL-5], Rep. Valentine, Tim [D-NC-2], Rep. Mavroules, Nicholas [D-MA-6], Rep. Whitley, Charles O., Sr. [D-NC-3], Rep. Dorgan, Byron L. [D-ND-At Large], Rep. Martinez, Matthew G. [D-CA-30], Rep. Gibbons, Sam [D-FL-7], Rep. Leath, Marvin [D-TX-11], Rep. Johnson, Nancy L. [R-CT-6], Rep. Hubbard, Carroll, Jr. [D-KY-1], Rep. Bustamante, Albert G. [D-TX-23], Rep. Mollohan, Alan B. [D-WV-1], Rep. Grotberg, John E. [R-IL-14], Rep. Fazio, Vic [D-CA-4], Rep. MacKay, Buddy [D-FL-6], Rep. Gejdenson, Sam [D-CT-2], Rep. Morrison, Bruce A. [D-CT-3], Rep. Taylor, G. [R-MO-7], Del. Fauntroy, Walter E. [D-DC-At Large], Rep. Pease, Donald J. [D-OH-13], Rep. Jenkins, Edgar L. [D-GA-9]

Subjects

Taxation

Source updated

7 February 2024

Taxation

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Summary

Amends the Internal Revenue Code to impose a 50 percent excise tax on any "greenmail profits" paid to certain corporate stockholders. Defines "greenmail profits" as any gain realized by a four-percent shareholder of any stock in a corporation if: (1) the shareholder held such stock for a period of less than two years; and (2) during the two-year period ending on the date of the sale or exchange of such stock there was a public tender offer for such stock or a four-percent shareholder submitted a written proposal for a public tender offer. Disallows an income tax deduction for certain interest paid or accrued with respect to hostile acquisition indebtedness. Defines "hostile acquisition indebtedness" as certain subordinate obligations issued after February 18, 1985, in connection with a hostile acquisition.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

19 February 1985
Introduced
Referred to House Committee on Ways and Means.
Source: IntroReferral
19 February 1985
Introduced
Introduced in House
Source: IntroReferral
19 February 1985
Introduced
Introduced in House
Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

Introduced in House
summary · EN · 19 February 1985
Open at official source

Related records

related to ← A bill to amend the Internal Revenue Code of 1954 to impose a 50 percent nondeductible tax on certain profits realized in connection with corporate takeover attempts, and for other purposes.

Sources

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Official source: https://www.congress.gov/bill/99th-congress/house-bill/1100
Open data entity: https://api.congress.gov/v3/bill/99/hr/1100
us · 99-hr-1100 · source updated 7 February 2024