Merger Tax Act of 1982

Summary

Merger Tax Act of 1982 - Amends the Internal Revenue Code to impose an excise tax on the acquisition of a controlling interest in any business entity. Applies such tax to any acquisition in which: (1) the acquiring or acquired entity has more than $2,000,000,000 of gross receipts for the preceding taxable year; and (2) the other entity has more than $300,000,000 of gross receipts for the preceding taxable year. Sets the rate of such tax at 15 percent of the value of the consideration furnished by the acquiring entity. Raises such rate to 50 percent in the case of an acquisition by an entity controlled or owned by a foreign government. Defines "controlling interest" as: (1) at least 50 percent of the voting stock of the acquired entity; (2) voting stock of the acquired entity having a value of not less than $150,000,000 and representing at least 35 percent of the voting stock of such entity; or (3) assets having a value of not less than $150,000,000. Exempts from such tax acquisitions where the acquired entity has substantial net operating losses or where the Secretary of the Treasury determines that the entity faces substantial foreign competition.

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1 official file

• Introduced in House

  summary · EN · 3 March 1982

  Open at official source

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