To amend the Internal Revenue Code of 1986 to deny the deduction for interest on indebtedness incurred in certain takeovers of major airlines.

Summary

Amends the Internal Revenue Code to deny a corporate income tax deduction for interest on indebtedness of $100,000,000 or more incurred to acquire the stock of any major airline if the relevant stock is acquired in connection with an ownership change and: (1) a significant portion of the acquisitions is associated with a hostile offer; (2) junk bonds constitute any of the indebtedness incurred in making the acquisitions; or (3) the debt to equity ratio of the issuing corporation immediately after the ownership change exceeds one to one and has been increased by at least 50 percent as a result of the change.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 16 May 1989

  Open at official source

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