S. 59Senate112th Congress (2011-2013)In Committee

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

Introduced January 25, 2011

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S173)

January 25, 2011

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SenateIntro Referral

Introduced in Senate

January 25, 2011

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S172-173)

January 25, 2011

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S173)

January 25, 2011

Floor Debate

23 members

What members said about S. 59 on the floor

4 Republicans19 Democrats
Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jan 25, 2011

Mr. President, I rise on behalf of myself and Senator Boxer to introduce legislation to establish a National Heritage Area in the California Sacramento-San Joaquin Delta. This legislation will create…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Jan 25, 2011

Mr. President, I am pleased to introduce the Coral Reef Conservation Amendments Act, which I also introduced in the 111th Congress. This critical bill reauthorizes and strengthens the Coral Reef…

Herb Kohl
Sen. Herb KohlD-WI · Jan 25, 2011

Mr. Chairman, I rise today to introduce the Preserve Access to Affordable Generics Act. This bipartisan legislation will dramatically reduce prescription drug costs by preventing one of the most…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Jan 25, 2011

Mr. President, the United States of America has long been the world leader in invention and innovation. That leadership has propelled our economic growth, but we cannot remain complacent while…

Maria Cantwell
Sen. Maria CantwellD-WA · Jan 25, 2011

Mr. President, I rise today to introduce legislation that will preserve the free and open Internet that has led to the growth of broadband. The broadband Internet is integral to U.S. job creation,…

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Christopher Murphy
Rep. Christopher MurphyD-CT-5 · Dec 17, 2012

Mr. Speaker, I yield myself such time as I may consume. I thank the chairman very much for his kind words and for his generosity in allowing us to have this time on the floor this evening to both…

Sheila Jackson Lee
Rep. Sheila Jackson LeeD-TX-18 · Dec 17, 2012

Mr. Speaker, today I rise to join my colleagues in honoring and remembering all of the victims of the tragic shootings at the Sandy Hook Elementary School in Newton, CT. My condolences and prayers go…

John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · Jan 25, 2011

Mr. President, I rise today to reintroduce the Public Safety Spectrum and Wireless Innovation Act. Radio spectrum is a tremendous resource. It can grow our economy and put innovative wireless…

Nancy Pelosi
Rep. Nancy PelosiD-CA-8 · Dec 17, 2012

I thank the gentleman for yielding. I rise in support of his very important resolution--to condemn the acts of a lone gunman in Newtown, Connecticut, and to offer condolences to the families and…

Tom Harkin
Sen. Tom HarkinD-IA · Jan 25, 2011

Mr. President, the Healthy Lifestyles and Prevention America Act, also known as the HeLP America Act, will improve the health of Americans and reduce health care costs by emphasizing prevention,…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Jan 25, 2011

Mr. President, improving public safety, growing our economy, increasing energy independence, and protecting the environment have always been among my top priorities as a Senator. Today, the very…

Sheldon Whitehouse
Sen. Sheldon WhitehouseD-RI · Jan 25, 2011

Mr. President, from the Recovery Act to the Small Business Jobs Act, in the previous Congress we passed a number of substantial pieces of legislation to preserve, protect, and create American jobs.…

Kay Bailey Hutchison
Sen. Kay Bailey HutchisonR-TX · Jan 25, 2011

Mr. President, I am pleased to introduce a bill to provide permanent tax relief from the marriage penalty--the most egregious, anti-family provision in the tax code. One of my highest priorities in…

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Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Jan 25, 2011

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

Rosa L. DeLauro
Rep. Rosa L. DeLauroD-CT-3 · Dec 17, 2012

I thank the gentleman, and I thank him for the depth of his feeling and the work he has done over the last several days, to help to bring some solace and peace to families who have been so struck by…

Joe Courtney
Rep. Joe CourtneyD-CT-2 · Dec 17, 2012

Mr. Speaker, again I want to just begin by saluting my colleague from Connecticut, Chris Murphy, who over the last 72 hours has been the voice of the community of western Connecticut, and Newtown in…

Jon Tester
Sen. Jon TesterD-MT · Jan 25, 2011

Mr. President, I rise today to introduce the Common Sense in Consumer Product Safety Act of 2011 on behalf of the folks across America who are outdoor enthusiasts and budding sportsman and women.…

John B. Larson
Rep. John B. LarsonD-CT-1 · Dec 17, 2012

Thank you, Chris Murphy. We just came from a vigil over on the Senate side that Senator Lieberman, Senator Blumenthal, and former Senator Dodd were at, and all of us had the opportunity to be there.…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Jan 25, 2011

Mr. President, today I am introducing the American Medical Isotopes Production Act of 2011. The purpose of the bill is to provide certainty in developing a domestic supply of molybdenum-99, which is…

Max Baucus
Sen. Max BaucusD-MT · Jan 25, 2011

Mr. President, American judge and judicial philosopher Learned Hand once wrote: ``Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Jan 25, 2011

Mr. President, I rise to express support for the Patent Reform Act of 2011, S. 23, introduced today by Senate Judiciary Committee Chairman Patrick Leahy. Senator Leahy and I, along with a number of…

James A. Himes
Rep. James A. HimesD-CT-4 · Dec 17, 2012

I'd like to begin by thanking my friend and colleague from Connecticut, Congressman Murphy, not just for introducing this legislation, but for his strength of spirit as he has comforted some people…

Mark Kirk
Sen. Mark KirkR-IL · Jan 25, 2011

Mr. President, today I am pleased to join with Senator Durbin to introduce the Great Lakes Water Protection Act. This bipartisan legislation would set a date certain to end sewage dumping in…

Barbara Boxer
Sen. Barbara BoxerD-CA · Jan 25, 2011

Mr. President, I rise today to introduce the Helping Responsible Homeowners Act of 2011. This legislation will eliminate barriers that have prevented millions of borrowers who continue to make their…

Bill Text

Latest available legislative text

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Introduced in SenateIssued January 25, 2011

II

112th CONGRESS

1st Session

S. 59

IN THE SENATE OF THE UNITED STATES

January 25 (legislative day, January 5), 2011

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.