[Congressional Record (Bound Edition), Volume 155 (2009), Part 12]
[Senate]
[Page 16235]
[From the U.S. Government Publishing Office, www.gpo.gov]




                    CLOSE THE SILO/LILO LOOPHOLE ACT

  Mr. BAUCUS. Mr. President, I have been extremely concerned about the 
problems lease-in/lease-out and sale-in/lease-out transactions cause 
our tax system for years. I have made clear before that gaming the 
system at the taxpayers' expense is simply unacceptable. In 2004, 
Senator Grassley and I successfully shut down the loophole that allowed 
losses from these deductions, but the current economic crisis has 
created new problems. I applaud the work of Senator Menendez to address 
these issues, and I support his efforts to resolve this problem.

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