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HR 3137 98th Congress House

First Things First Credit Act of 1983

Official title: 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.

Introduced: July 12, 1983 See on congress.gov
Taxation Corporation taxesCorporations and StocksIncome taxInterest
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LoansTax deductionsTender offers
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This bill died when the 98th Congress ended
It never became law before the 98th Congress (1983–1984) 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 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 22, 1984
Referred to Subcommittee on Select Revenue Measures.
May 25, 1983
Referred to House Committee on Ways and Means.
May 25, 1983
Introduced in House
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 Latest action March 22, 1984

Referred to Subcommittee on Select Revenue Measures.

 Plain-English summary Congressional Research Service

First Things First Credit Act of 1983 - 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.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Democratic 1
D
Kaptur, Marcy
Ohio · Jul 12, 1983
LIPINSKI, WILLIAM
· Jul 12, 1983
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 3137: First Things First Credit Act of 1983. 98th Congress. Open America. https://openamerica.io/bill/98-HR-3137/
MLA
"H.R. 3137: First Things First Credit Act of 1983." 98th Congress, 2026, Open America, https://openamerica.io/bill/98-HR-3137/.
Bluebook (legal)
H.R. 3137, 98th Cong. (2026), https://openamerica.io/bill/98-HR-3137/.
Markdown link
[H.R. 3137: First Things First Credit Act of 1983](https://openamerica.io/bill/98-HR-3137/)
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