A bill to amend the Internal Revenue Code of 1986 to impose a 50 percent nondeductible excise tax on certain profits realized in connection with corporate takeover attempts, and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to impose a 50 percent excise tax on any "greenmail profits" paid to certain corporate stockholders. Defines "greenmail profits" as any gain realized by a four-percent shareholder of any stock in a corporation if: (1) the shareholder held such stock for a period of less than two years; and (2) during the two-year period ending on the date of the sale or exchange of such stock there was a public tender offer for such stock. Disallows an income tax deduction for any interest paid or accrued on indebtedness incurred to acquire stock in a corporation pursuant to a hostile offer.…