HR 1553 99th Congress House Taxation Corporate mergers Corporate reorganizations Corporation taxes Corporations and Stocks Income tax Interest Loans Tax deductions Tender offers

First Things First Credit Act of 1985

Introduced: March 19, 1985 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 19, 1985

Referred to House Committee on Ways and Means.

Mar 19, 1985

Introduced in House

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Plain-English summary Congressional Research Service

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.

What's happening now March 19, 1985

Referred to House Committee on Ways and Means.

Committees of jurisdiction 1

Ways and Means Committee
House of Representatives

Cosponsors 1

Kaptur, Marcy

Ohio · Apr 23, 1985

Cite this page click to expand

APA

U.S. Congress. (2026). H.R. 1553: First Things First Credit Act of 1985. 99th Congress. Open America. https://openamerica.io/bill/99-HR-1553/

MLA

"H.R. 1553: First Things First Credit Act of 1985." 99th Congress, 2026, Open America, https://openamerica.io/bill/99-HR-1553/.

Bluebook (legal)

H.R. 1553, 99th Cong. (2026), https://openamerica.io/bill/99-HR-1553/.

Markdown link

[H.R. 1553: First Things First Credit Act of 1985](https://openamerica.io/bill/99-HR-1553/)