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    <updateDate>2023-01-11T13:18:35Z</updateDate>
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    <originChamber>Senate</originChamber>
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    <introducedDate>2009-06-24</introducedDate>
    <congress>111</congress>
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        <name>Finance Committee</name>
        <chamber>Senate</chamber>
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            <name>Referred to</name>
            <date>2009-06-24T20:35:22Z</date>
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        <title>Close the SILO/LILO Loophole Act of 2009</title>
        <congress>111</congress>
        <number>3439</number>
        <type>HR</type>
        <latestAction>
          <actionDate>2009-07-31</actionDate>
          <text>Referred to the House Committee on Ways and Means.</text>
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        <actionDate>2009-06-24</actionDate>
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            <systemCode>ssfi00</systemCode>
            <name>Finance Committee</name>
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        <text>Read twice and referred to the Committee on Finance.</text>
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      <item>
        <actionDate>2009-06-24</actionDate>
        <text>Sponsor introductory remarks on measure. (CR S7008)</text>
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        <actionCode>B00100</actionCode>
        <sourceSystem>
          <code>9</code>
          <name>Library of Congress</name>
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      <item>
        <actionDate>2009-06-24</actionDate>
        <text>Introduced in Senate</text>
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          <code>9</code>
          <name>Library of Congress</name>
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    <sponsors>
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        <bioguideId>M000639</bioguideId>
        <fullName>Sen. Menendez, Robert [D-NJ]</fullName>
        <firstName>Robert</firstName>
        <lastName>Menendez</lastName>
        <party>D</party>
        <state>NJ</state>
        <isByRequest>N</isByRequest>
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    </sponsors>
    <cosponsors>
      <item>
        <bioguideId>B001233</bioguideId>
        <fullName>Sen. Bayh, Evan [D-IN]</fullName>
        <firstName>EVAN</firstName>
        <lastName>BAYH</lastName>
        <party>D</party>
        <state>IN</state>
        <sponsorshipDate>2009-10-13</sponsorshipDate>
        <isOriginalCosponsor>False</isOriginalCosponsor>
      </item>
      <item>
        <bioguideId>D000563</bioguideId>
        <fullName>Sen. Durbin, Richard J. [D-IL]</fullName>
        <firstName>Richard</firstName>
        <lastName>Durbin</lastName>
        <party>D</party>
        <state>IL</state>
        <middleName>J.</middleName>
        <sponsorshipDate>2009-10-13</sponsorshipDate>
        <isOriginalCosponsor>False</isOriginalCosponsor>
      </item>
      <item>
        <bioguideId>F000062</bioguideId>
        <fullName>Sen. Feinstein, Dianne [D-CA]</fullName>
        <firstName>Dianne</firstName>
        <lastName>Feinstein</lastName>
        <party>D</party>
        <state>CA</state>
        <sponsorshipDate>2009-11-17</sponsorshipDate>
        <isOriginalCosponsor>False</isOriginalCosponsor>
      </item>
      <item>
        <bioguideId>M001170</bioguideId>
        <fullName>Sen. McCaskill, Claire [D-MO]</fullName>
        <firstName>Claire</firstName>
        <lastName>McCaskill</lastName>
        <party>D</party>
        <state>MO</state>
        <sponsorshipDate>2009-12-03</sponsorshipDate>
        <isOriginalCosponsor>False</isOriginalCosponsor>
      </item>
    </cosponsors>
    <policyArea>
      <name>Taxation</name>
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    <subjects>
      <legislativeSubjects>
        <item>
          <name>Banking and financial institutions regulation</name>
        </item>
        <item>
          <name>Business investment and capital</name>
        </item>
        <item>
          <name>Income tax deductions</name>
        </item>
        <item>
          <name>Lawyers and legal services</name>
        </item>
        <item>
          <name>Sales and excise taxes</name>
        </item>
        <item>
          <name>Tax administration and collection, taxpayers</name>
        </item>
      </legislativeSubjects>
      <policyArea>
        <name>Taxation</name>
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    <summaries>
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        <versionCode>00</versionCode>
        <actionDate>2009-06-24</actionDate>
        <actionDesc>Introduced in Senate</actionDesc>
        <updateDate>2009-08-05T21:10:03Z</updateDate>
        <text><![CDATA[ <p>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.</p>]]></text>
      </summary>
    </summaries>
    <title>Close the SILO/LILO Loophole Act of 2009</title>
    <titles>
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        <titleType>Display Title</titleType>
        <title>Close the SILO/LILO Loophole Act of 2009</title>
      </item>
      <item>
        <titleType>Official Title as Introduced</titleType>
        <title>A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on certain proceeds received on SILO and LILO transactions.</title>
        <billTextVersionName>Introduced in Senate</billTextVersionName>
        <billTextVersionCode>IS</billTextVersionCode>
      </item>
      <item>
        <titleType>Short Titles as Introduced</titleType>
        <title>Close the SILO/LILO Loophole Act of 2009</title>
      </item>
    </titles>
    <textVersions>
      <item>
        <type>Introduced in Senate</type>
        <date>2009-06-24T04:00:00Z</date>
        <formats>
          <item>
            <url>https://www.govinfo.gov/content/pkg/BILLS-111s1341is/xml/BILLS-111s1341is.xml</url>
          </item>
        </formats>
      </item>
    </textVersions>
    <latestAction>
      <actionDate>2009-06-24</actionDate>
      <text>Read twice and referred to the Committee on Finance.</text>
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    <dc:language>EN</dc:language>
    <dc:rights>Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.</dc:rights>
    <dc:contributor>Congressional Research Service, Library of Congress</dc:contributor>
    <dc:description>This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.</dc:description>
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