A bill to amend the Internal Revenue Code of 1954 to deny the deduction for interest on indebtedness incurred to acquire corporations if the President determines that use of debt for corporate acquisitions should be discouraged.

Amends the Internal Revenue Code to deny to a corporate taxpayer the deduction for interest on indebtedness incurred to acquire stock or assets of another corporation if the President determines that the use of debt for corporate acquisitions should be discouraged.