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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
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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
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 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.

What's happening now June 24, 2009

Read twice and referred to the Committee on Finance.

 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/)
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