Close the SILO/LILO Loophole Act of 2009
Latest action · Jul 31, 2009 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 31, 2009
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 17
Members who signed on, in the order they did. Signatures ran from Jul 31, 2009 to Sep 29, 2010, with 3 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NJ | Bill Pascrell, Jr. | Original | Jul 31, 2009 |
| D-IL | Danny K. Davis | Original | Jul 31, 2009 |
| D-VA | James P. Moran | Original | Jul 31, 2009 |
| D-CA | Zoe Lofgren | Sep 16, 2009 | |
| D-CA | Doris O. Matsui | Sep 24, 2009 | |
| D-IN | Baron P. Hill | Oct 22, 2009 | |
| D-GA | Henry C. "Hank" Johnson, Jr. | Oct 22, 2009 | |
| D-MO | Wm. Lacy Clay | Oct 22, 2009 | |
| D-CA | Michael M. Honda | Oct 26, 2009 | |
| D-IN | Brad Ellsworth | Nov 2, 2009 | |
| R-IN | Mark E. Souder | Nov 2, 2009 | |
| D-CA | Anna G. Eshoo | Nov 5, 2009 | |
| D-WA | Jim McDermott | Nov 16, 2009 | |
| D-CA | Jackie Speier | Nov 18, 2009 | |
| D-IL | Jerry F. Costello | Dec 8, 2009 |
Actions 2
Everything that happened, newest first.
- Jul 31, 2009Introduced in House
- Jul 31, 2009Referred to the House Committee on Ways and Means.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1341 | Close the SILO/LILO Loophole Act of 2009 | Related bill | Jun 24, 2009 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jul 31, 2009Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.