A bill to amend the Internal Revenue Code of 1954 to deny any deduction for interest paid or incurred on loans in connection with takeovers, or attempted takeovers, of certain corporations.
First Things First Credit Act of 1985 - Amends the Internal Revenue Code to disallow an income tax deduction for interest paid or incurred on any loan which is used to acquire control of a corporation which has more than $250,000,000 in gross receipts for the year preceding the year of the acquisition.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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