H.R.1100 - A bill to amend the Internal Revenue Code of 1954 to impose a 50 percent nondeductible excise tax on certain profits realized in connection with corporate takeover attempts, and for other purposes.99th Congress (1985-1986)
|Sponsor:||Rep. Jones, James R. [D-OK-1] (Introduced 02/19/1985)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 02/19/1985 Referred to House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.1100 — 99th Congress (1985-1986)All Information (Except Text)
Introduced in House (02/19/1985)
Amends the Internal Revenue Code to impose a 50 percent excise tax on any "greenmail profits" paid to certain corporate stockholders. Defines "greenmail profits" as any gain realized by a four-percent shareholder of any stock in a corporation if: (1) the shareholder held such stock for a period of less than two years; and (2) during the two-year period ending on the date of the sale or exchange of such stock there was a public tender offer for such stock or a four-percent shareholder submitted a written proposal for a public tender offer.
Disallows an income tax deduction for certain interest paid or accrued with respect to hostile acquisition indebtedness. Defines "hostile acquisition indebtedness" as certain subordinate obligations issued after February 18, 1985, in connection with a hostile acquisition.