Bill Text: IL HR0967 | 2009-2010 | 96th General Assembly | Introduced
Bill Title: Urges Congress to pass legislation supporting banks that were affected by the government-sponsored enterprise fallout and the subsequent downturn in the economy to allow those banks for the 2010 tax year to go back 5 years for deductions of losses allowed for the 2008 and 2009 tax years.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2010-06-27 - Rule 19(b) / Re-referred to Rules Committee [HR0967 Detail]
Download: Illinois-2009-HR0967-Introduced.html
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| 1 | HOUSE RESOLUTION
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| 2 | WHEREAS, Certain banks have received Troubled Asset Relief | ||||||
| 3 | Program (TARP) funds to save them in these difficult times; and
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| 4 | WHEREAS, Many other banks did not have access to TARP | ||||||
| 5 | funds; and
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| 6 | WHEREAS, Many banks invested in government-sponsored | ||||||
| 7 | enterprises, which were highly rated by the government and | ||||||
| 8 | thought to be secure by these community banks, but then created | ||||||
| 9 | significant losses to the banks through the downturn in the | ||||||
| 10 | economy through no fault of the banks themselves; and
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| 11 | WHEREAS, Banks make loans to persons and businesses in the | ||||||
| 12 | community, but they have been unable to do all they can because | ||||||
| 13 | of a lack of capital; and
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| 14 | WHEREAS, Banks will be important to the recovery and | ||||||
| 15 | restabilization of community housing, especially housing | ||||||
| 16 | affected by the current foreclosure crisis; and
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| 17 | WHEREAS, Banks also invest in the community through their | ||||||
| 18 | philanthropic works; and
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| 19 | WHEREAS, Banks throughout the United States would be | ||||||
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| 1 | affected, recapitalized, and saved through appropriate | ||||||
| 2 | legislation; therefore, be it
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| 3 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | ||||||
| 4 | NINETY-SIXTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we | ||||||
| 5 | urge Congress to pass legislation supporting banks that were | ||||||
| 6 | affected by the government-sponsored enterprise fallout and | ||||||
| 7 | the subsequent downturn in the economy to allow those banks for | ||||||
| 8 | the 2010 tax year to go back 5 years for deductions of losses | ||||||
| 9 | allowed for the 2008 and 2009 tax years; and be it further
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| 10 | RESOLVED, That a suitable copy of the legislation be | ||||||
| 11 | presented to each member of the Illinois congressional | ||||||
| 12 | delegation.
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