HR 3439 · 111th Congress · Taxation

Close the SILO/LILO Loophole Act of 2009

Introduced 2009-07-31· Sponsored by Rep. Lewis, John [D-GA-5]· House

Bill Progress

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Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the House Committee on Ways and Means.(2009-07-31)

Plain Language Summary

[AI summary unavailable — showing source text] 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.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (17)

16 Democrats1 Republican
Rep. Davis, Danny K. [D-IL-7]IL
Rep. Pascrell, Bill, Jr. [D-NJ-8]NJ
Rep. Moran, James P. [D-VA-8]VA
Rep. Lofgren, Zoe [D-CA-16]CA
Rep. Matsui, Doris O. [D-CA-5]CA
Rep. Hill, Baron P. [D-IN-9]IN
Rep. Johnson, Henry C. "Hank," Jr. [D-GA-4]GA
Rep. Clay, Wm. Lacy [D-MO-1]MO
Rep. Honda, Michael M. [D-CA-15]CA
Rep. Souder, Mark E. [R-IN-3]IN
Rep. Ellsworth, Brad [D-IN-8]IN
Rep. Eshoo, Anna G. [D-CA-14]CA
Rep. McDermott, Jim [D-WA-7]WA
Rep. Speier, Jackie [D-CA-12]CA
Rep. Costello, Jerry F. [D-IL-12]IL
Rep. Connolly, Gerald E. [D-VA-11]VA
Rep. Carnahan, Russ [D-MO-3]MO