S. 112Senate111th Congress (2009-2011)In Committee

A bill to treat certain hospital support organizations as qualified organizations for purposes of determining acquisition indebtedness.

Introduced January 6, 2009

Legislative Activity

Stay on top of the latest movement without scrolling through every action

2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S86)

January 6, 2009

View full timeline
SenateIntro Referral

Introduced in Senate

January 6, 2009

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S85-86)

January 6, 2009

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S86)

January 6, 2009

Floor Debate

13 members

What members said about S. 112 on the floor

4 Republicans9 Democrats
Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jan 6, 2009

Mr. President, I am pleased to join Senators Schumer, Snowe, and Boxer in introducing legislation to prohibit the selling and counterfeiting of tickets to the Presidential inaugural ceremony. The…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Jan 6, 2009

Mr. President, today I introduce the Clinical Social Workers' Recognition Act to correct a continuing problem in the Federal Employees Compensation Act. This bill will also provide clinical social…

John McCain
Sen. John McCainR-AZ · Jan 6, 2009

Mr. President, I am pleased to be joined by Senator Ensign in introducing the Abolishing Aviation Barriers Act of 2009. This bill would remove the arbitrary restrictions that prevent Americans from…

Herb Kohl
Sen. Herb KohlD-WI · Jan 6, 2009

Mr. President, I rise today to introduce the Generics First Act. This legislation requires the Federal Government's Medicare Part D prescription drug program to use generic drugs whenever available,…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Jan 6, 2009

Mr. Presdient, as we begin the 111th Congress, we will try, once again, to enact comprehensive immigration reforms that have eluded us in the past several years. With an administration that…

Show 8 more
John F. Kerry
Sen. John F. KerryD-MA · Jan 6, 2009

Mr. President, it is my great hope that Congress will move this year to see that the successful, bipartisan State Children's Health Insurance Program, SCHIP, is allowed the opportunity to fulfill its…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Jan 6, 2009

Mr. President, I rise today to reintroduce a bill I offered last December that will provide much-needed relief to struggling families across America. The Unemployment Benefit Tax Suspension Act of…

Joseph I. Lieberman
Sen. Joseph I. LiebermanD-CT · Jan 6, 2009

Mr. President, I am honored to have the opportunity today, obviously early on this first day of this new session of Congress, together with my colleague from Utah, Senator Hatch, to introduce…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Jan 6, 2009

Mr. President, as the 111th Congress begins, the most important item on our agenda is to help end the worst economic crisis America has faced since the Great Depression. I look forward to working…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Jan 6, 2009

Mr. President, I would like to thank the senior Senator from Wisconsin for his hard work to address antitrust issues in the rail industry along with other industries as Chairman of the Antitrust,…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Jan 6, 2009

Mr. President, as I did in the last Congress, I am cosponsoring the legislation introduced today by the Senator from Connecticut to provide a House seat for the District of Columbia and an additional…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Jan 6, 2009

Mr. President, the legislation I have reintroduced will extend to qualified teaching hospital support organizations the existing debt-financed safe harbor rule. Congress enacted that rule to support…

Kay Bailey Hutchison
Sen. Kay Bailey HutchisonR-TX · Jan 6, 2009

Mr. President, I am pleased to introduce a bill to permanently correct an injustice in the tax code that has harmed citizens in many States of this great Nation. State and local governments have…

Show 1 more
Harry Reid
Sen. Harry ReidD-NV · Jan 6, 2009

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record. Mr. President, I ask unanimous consent that the text of the joint resolution be printed in the Record.

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued January 6, 2009

II

111th CONGRESS

1st Session

S. 112

IN THE SENATE OF THE UNITED STATES

January 6, 2009

Mr. Inouye introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To treat certain hospital support organizations as qualified organizations for purposes of determining acquisition indebtedness.

1.

Treatment of certain hospital support organizations as qualified organizations for purposes of determining acquisition indebtedness

(a)

In general

Subparagraph (C) of section 514(c)(9) of the Internal Revenue Code of 1986 (relating to real property acquired by a qualified organization) is amended by striking or at the end of clause (iii), by striking the period at the end of clause (iv) and inserting ; or, and by adding at the end the following new clause:

(v)

a qualified hospital support organization (as defined in subparagraph (I)).

.

(b)

Qualified hospital support organizations

Paragraph (9) of section 514(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:

(I)

Qualified hospital support organizations

For purposes of subparagraph (C)(iv), the term qualified hospital support organization means, with respect to any eligible indebtedness (including any qualified refinancing of such eligible indebtedness), a support organization (as defined in section 509(a)(3)) which supports a hospital described in section 119(d)(4)(B) and with respect to which—

(i)

more than half of its assets (by value) at any time since its organization—

(I)

were acquired, directly or indirectly, by testamentary gift or devise, and

(II)

consisted of real property, and

(ii)

the fair market value of the organization’s real estate acquired, directly or indirectly, by gift or devise, exceeded 25 percent of the fair market value of all investment assets held by the organization immediately prior to the time that the eligible indebtedness was incurred.

For purposes of this subparagraph, the term eligible indebtedness means indebtedness secured by real property acquired by the organization, directly or indirectly, by gift or devise, the proceeds of which are used exclusively to acquire any leasehold interest in such real property or for improvements on, or repairs to, such real property. A determination under clauses (i) and (ii) of this subparagraph shall be made each time such an eligible indebtedness (or the qualified refinancing of such an eligible indebtedness) is incurred. For purposes of this subparagraph, a refinancing of such an eligible indebtedness shall be considered qualified if such refinancing does not exceed the amount of the refinanced eligible indebtedness immediately before the refinancing.

.

(c)

Effective date

The amendments made by this section shall apply to indebtedness incurred on or after the date of the enactment of this Act.