To amend the Internal Revenue Code of 1986 to impose an excise tax on certain proceeds received on SILO and LILO transactions.
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.
Read twice and referred to the Committee on Finance.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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