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.

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

Timeline

1. 3 March 1982

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 3 March 1982

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 March 1982

   Introduced

   Introduced in House

   Source: IntroReferral

4. 6 May 1982

   Referred

   Referred to Subcommittee on Select Revenue Measures.

   Source: Committee

5. 24 May 1982

   Committee

   Subcommittee Hearings Held.

   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 · 3 March 1982

  Open at official source

Sponsors

• Sen. Harkin, Tom [D-IA] · D · Sponsor
• Rep. Mitchell, Parren J. [D-MD-7] · D · Sponsor
• Rep. Murphy, Austin J. [D-PA-20] · D · Sponsor
• Rep. Bedell, Berkley W. [D-IA-6] · D · Sponsor
• Rep. Seiberling, John F. [D-OH-14] · D · Cosponsor
• Rep. Williams, Pat [D-MT-At Large] · D · Cosponsor
• Rep. Oberstar, James L. [D-MN-8] · D · Cosponsor
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.