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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Timeline

1. 16 May 1989

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 16 May 1989

   Introduced

   Introduced in House

   Source: IntroReferral

3. 16 May 1989

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · — · Download file

Documents

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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Sponsors

• Sen. Dorgan, Byron L. [D-ND] · D · Sponsor
• Sen. Johnson, Tim [D-SD] · D · Sponsor
• Rep. Sabo, Martin Olav [D-MN-5] · D · Sponsor
• Rep. Penny, Timothy J. [D-MN-1] · D · Sponsor
• Rep. Stangeland, Arlan [R-MN-7] · R · Sponsor
• Rep. Carr, Bob [D-MI-8] · D · Sponsor
• Rep. Traxler, Bob [D-MI-8] · D · Sponsor
• Rep. Sikorski, Gerry E. [D-MN-6] · D · Sponsor
• Rep. DeFazio, Peter A. [D-OR-4] · D · Cosponsor
• Rep. Kildee, Dale E. [D-MI-5] · D · Cosponsor
• Rep. Bryant, John W. [D-TX-5] · D · Cosponsor
• · hswm00 · Standing

Related records

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