S 1341
111th Congress
Senate
Taxation
Banking and financial institutions regulation
Business investment and capital
Income tax deductions
Lawyers and legal services
Sales and excise taxes
Tax administration and collection, taxpayers
Close the SILO/LILO Loophole Act of 2009
Introduced: June 24, 2009
See on congress.gov
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
Plain-English summary
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.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1