US SB1341 | 2009-2010 | 111th Congress
Status
Spectrum: Partisan Bill (Democrat 5-0)
Status: Introduced on June 24 2009 - 25% progression, died in chamber
Action: 2009-06-24 - Read twice and referred to the Committee on Finance.
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on June 24 2009 - 25% progression, died in chamber
Action: 2009-06-24 - Read twice and referred to the Committee on Finance.
Text: Latest bill text (Introduced) [PDF]
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.
Title
Close the SILO/LILO Loophole Act of 2009
Sponsors
| Sen. Evan Bayh [D-IN] | Sen. Richard Durbin [D-IL] | Sen. Dianne Feinstein [D-CA] | Sen. Claire McCaskill [D-MO] |
| Sen. Robert Menendez [D-NJ] |
History
| Date | Chamber | Action |
|---|---|---|
| 2009-06-24 | Read twice and referred to the Committee on Finance. | |
| 2009-06-24 | Sponsor introductory remarks on measure. (CR S7008) |
Same As/Similar To
HB3439 (Related) 2009-07-31 - Referred to the House Committee on Ways and Means.
Subjects
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
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/111th-congress/senate-bill/1341/all-info |
| Text | https://www.congress.gov/111/bills/s1341/BILLS-111s1341is.pdf |
