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HR 4562 97th Congress House

First Things First Credit Act of 1981

Official title: A bill to amend the Internal Revenue Code of 1954 to deny all deductions for interest paid or incurred on loans in connection with an unfriendly takeover, or attempted takeover, of a corporation.

Introduced: September 23, 1981 See on congress.gov
Taxation Business and commerceCorporationsCorporations and StocksIncome tax
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InterestLoansTax deductionsTender offers
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This bill died when the 97th Congress ended
It never became law before the 97th Congress (1981–1982) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 24, 1982
Subcommittee Hearings Held.
May 6, 1982
Referred to Subcommittee on Select Revenue Measures.
Sep 23, 1981
Referred to House Committee on Ways and Means.
Sep 23, 1981
Introduced in House
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 Latest action May 24, 1982

Subcommittee Hearings Held.

 Plain-English summary Congressional Research Service

First Things First Credit Act of 1981 - Amends the Internal Revenue Code to disallow an income tax deduction for interest paid or incurred on any loan which is used to acquire stock in order to gain control of a corporation, if the Board of Directors disapproves of the proposed acquisition by a majority vote.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1
D
Wyden, Ron
Oregon · Mar 9, 1982
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 4562: First Things First Credit Act of 1981. 97th Congress. Open America. https://openamerica.io/bill/97-HR-4562/
MLA
"H.R. 4562: First Things First Credit Act of 1981." 97th Congress, 2026, Open America, https://openamerica.io/bill/97-HR-4562/.
Bluebook (legal)
H.R. 4562, 97th Cong. (2026), https://openamerica.io/bill/97-HR-4562/.
Markdown link
[H.R. 4562: First Things First Credit Act of 1981](https://openamerica.io/bill/97-HR-4562/)
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