A bill to amend the Internal Revenue Code of 1986 to impose a 50 percent nondeductible excise tax on certain profits realized in connection with corporate takeover attempts, and for other purposes.

openUnited States· United States Congress· EN

Introduced

19 February 1987

Last action

22 December 1987 · Committee

Status

See H.R.3545.

Sponsors

Rep. McKinney, Stewart B. [R-CT-4], Rep. Bustamante, Albert G. [D-TX-23], Rep. Dorgan, Byron L. [D-ND-At Large], Rep. Garcia, Robert [D-NY-18], Rep. Johnson, Nancy L. [R-CT-6], Rep. Barnard, Doug, Jr. [D-GA-10], Rep. Whittaker, Bob [R-KS-5], Rep. Williams, Pat [D-MT-1], Rep. Owens, Major R. [D-NY-12], Rep. Kolter, Joseph P. [D-PA-4], Rep. Martinez, Matthew G. [D-CA-30], Rep. Walgren, Doug [D-PA-18], Rep. Scheuer, James H. [D-NY-11], Rep. Swift, Al [D-WA-2], Rep. Robinson, Tommy F. [R-AR-2], Rep. Pease, Donald J. [D-OH-13], Rep. Brown, George E., Jr. [D-CA-36], Rep. Evans, Lane [D-IL-17], Rep. Lipinski, William O. [D-IL-5], Rep. Gray, William H., III [D-PA-2], Rep. Bentley, Helen Delich [R-MD-2], Rep. Clinger, William F., Jr. [R-PA-23], Rep. Fazio, Vic [D-CA-4], Rep. Kanjorski, Paul E. [D-PA-11], Rep. Gejdenson, Sam [D-CT-2], Rep. Savage, Gus [D-IL-2], Rep. Rose, Charlie [D-NC-7], Rep. Edwards, Mickey [R-OK-5], Rep. Solomon, Gerald B. H. [R-NY-24], Rep. Daniel, W. C. (Dan) [D-VA-5], Rep. Henry, Paul B. [R-MI-5], Rep. Porter, John Edward [R-IL-10]

Subjects

Taxation

Source updated

7 February 2024

Taxation

Official source View documents Share

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. Disallows an income tax deduction for any interest paid or accrued on indebtedness incurred to acquire stock in a corporation pursuant to a hostile offer.

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

Timeline

19 February 1987
Introduced
Referred to House Committee on Ways and Means.
Source: IntroReferral
19 February 1987
Introduced
Introduced in House
Source: IntroReferral
19 February 1987
Introduced
Introduced in House
Source: IntroReferral
22 December 1987
Committee
See H.R.3545.
Source: Committee

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 1987
Open at official source

Related records

related to ← Omnibus Budget Reconciliation Act of 1987

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/100th-congress/house-bill/1178
Open data entity: https://api.congress.gov/v3/bill/100/hr/1178
us · 100-hr-1178 · source updated 7 February 2024