Community and Jobs Protection Act of 1989

Community and Jobs Protection Act of 1989 - Requires each corporation involved in a proposed merger to file a community impact statement if: (1) a premerger notification is required under the Clayton Act; and (2) the merger will result in a loss of jobs in any jurisdiction for more than 100 employees of an establishment of one of the corporations involved.

Requires the statement to be submitted to the Federal Trade Commission (FTC), the Department of Justice, the employees of each corporation involved and representatives of their labor unions, and the local governments of the areas where establishments of such corporations are located on the same day that the premerger notification is filed under the Clayton Act. Directs the FTC, if it receives a request within a specified period from such a local government or from ten percent of the employees of one of the corporations, to hold public hearings on and investigate the statement to determine: (1) the economic reasons for any proposed reduction in employment; (2) the estimated economic losses to employees, the local government, and persons in the geographic area of the establishment; and (3) recommendations of any local government, any employee labor union, or any other person respecting the proposed merger. Directs the FTC to publish a report containing the findings of the investigation and recommendations as to whether legal action should be taken to halt the merger.

Amends the Internal Revenue Code to disallow a tax deduction for interest on obligations issued to finance a corporate merger that the FTC finds will adversely affect employment in any jurisdiction.