To amend the Internal Revenue Code of 1986 to reduce the occupational tax on retail dealers in liquors and beer, to limit the period during which such tax may be assessed, and to offset any resulting reduction in Federal revenues by denying the deduction for interest on certain corporate stock acquisition indebtedness.

Summary

Amends the Internal Revenue Code to reduce the occupational tax from $250 to $165 for retail dealers in liquors and in beer. Limits assessments of underpayments with respect to taxable periods beginning after the date of enactment of this Act in connection with such tax. Abates assessments and mandates refund of overpayments of any post-1987 tax. Places additional limitations on the deductibility by a C corporation of interest on corporate stock acquisition indebtedness, denying a deduction for such interest in excess of $5,000,000 incurred in connection with any acquisition of stock pursuant to the acquiring corporation's plan to acquire 50 percent or more (by vote or value) of the stock in a corporation.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 31 October 1989

  Open at official source

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