Summary: H.R.1100 — 99th Congress (1985-1986)All Information (Except Text)

There is one summary for H.R.1100. Bill summaries are authored by CRS.

Shown Here:
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.