Skip to main content
S 1341 111th Congress Senate

Close the SILO/LILO Loophole Act of 2009

Official title: A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on certain proceeds received on SILO and LILO transactions.

Introduced: October 13, 2009 See on congress.gov
Taxation Banking and financial institutions regulationBusiness investment and capitalIncome tax deductionsLawyers and legal services
More subjectsShow fewer subjects
Sales and excise taxesTax administration and collection, taxpayers
Sign in to write a letter Sign in to watch
This bill died when the 111th Congress ended
It never became law before the 111th Congress (2009–2010) 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
Jun 24, 2009
Read twice and referred to the Committee on Finance.
Jun 24, 2009
Sponsor introductory remarks on measure. (CR S7008)
Jun 24, 2009
Introduced in Senate
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Latest action June 24, 2009

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service

Close the SILO/LILO Loophole Act of 2009 - Amends the Internal Revenue Code to: (1) impose a 100% excise tax on any income or benefits received from a SILO (sale-in/lease-out) or LILO (lease-in/lease-out) transaction involving a financial institution and a public entity; and (2) deny a tax deduction for attorney fees or other costs incurred by a party to a SILO or LILO transaction seeking to enforce the terms of such transaction.

 Related & companion bills 1
  • HR 3439 Related bill Close the SILO/LILO Loophole Act of 2009
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Durbin, Richard J.
Illinois · Oct 13, 2009
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1341: Close the SILO/LILO Loophole Act of 2009. 111th Congress. Open America. https://openamerica.io/bill/111-S-1341/
MLA
"S. 1341: Close the SILO/LILO Loophole Act of 2009." 111th Congress, 2026, Open America, https://openamerica.io/bill/111-S-1341/.
Bluebook (legal)
S. 1341, 111th Cong. (2026), https://openamerica.io/bill/111-S-1341/.
Markdown link
[S. 1341: Close the SILO/LILO Loophole Act of 2009](https://openamerica.io/bill/111-S-1341/)
Report a problem