To amend the Internal Revenue Code of 1986 to deny the deduction for interest on certain corporate stock acquisition indebtedness.

Summary

Amends the Internal Revenue Code to place 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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Timeline

1. 24 January 1989

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 24 January 1989

   Introduced

   Introduced in House

   Source: IntroReferral

3. 24 January 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 · 24 January 1989

  Open at official source

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Sponsors

• Rep. Bennett, Charles E. [D-FL-3] · D · Sponsor
• Rep. Bentley, Helen Delich [R-MD-2] · R · Cosponsor
• Rep. Dwyer, Bernard J. [D-NJ-6] · D · Cosponsor
• Rep. Harris, Claude [D-AL-7] · D · Cosponsor
• Sen. Johnson, Tim [D-SD] · D · Cosponsor
• Rep. Lewis, John [D-GA-5] · D · Cosponsor
• Rep. Towns, Edolphus [D-NY-10] · D · Cosponsor
• Rep. Traficant, James A., Jr. [D-OH-17] · D · Cosponsor
• Rep. Evans, Lane [D-IL-17] · D · Cosponsor
• Rep. Lancaster, H. Martin [D-NC-3] · D · Cosponsor
• Rep. Costello, Jerry F. [D-IL-12] · D · Cosponsor
• Rep. Hughes, William J. [D-NJ-2] · D · Cosponsor
• Rep. Smith, Lawrence [D-FL-16] · D · Cosponsor
• Rep. Edwards, Mickey [R-OK-5] · R · Cosponsor
• Rep. Foglietta, Thomas M. [D-PA-1] · D · Cosponsor
• Rep. Boehlert, Sherwood [R-NY-24] · R · Cosponsor
• Rep. Slaughter, Louise McIntosh [D-NY-25] · D · Cosponsor
• Rep. Roe, Robert A. [D-NJ-8] · D · Cosponsor
• · hswm00 · Standing

Related records

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