Bill Summary
This bill, known as the "No Tax Subsidies for Stadiums Act of 2019," seeks to amend the Internal Revenue Code of 1986 to prevent professional sports stadiums from being financed using tax-exempt bonds. It defines a "professional stadium bond" as any bond issued as part of an issue that is used to fund the construction or renovation of a stadium or arena used for professional sports. This legislation would go into effect for bonds issued after the date of its enactment.
Possible Impacts
1. This legislation could affect professional sports teams who rely on tax-exempt bonds to finance the construction or renovation of their stadiums. Without the ability to use tax-exempt bonds, these teams may have to find alternative sources of funding or pay higher interest rates on their bonds, potentially impacting their ability to maintain or improve their facilities.
2. The legislation could also affect taxpayers who may see an increase in their taxes due to the elimination of tax subsidies for stadiums. This could lead to public backlash and dissatisfaction with the government's use of taxpayer money.
3. The legislation could also have an impact on the local economy and community surrounding professional stadiums. Without the use of tax-exempt bonds, it may be more difficult for teams to finance the construction or renovation of their stadiums, potentially hindering economic growth and job creation in the area. Additionally, the lack of tax subsidies for stadiums could make it more difficult for smaller or lower-income communities to attract and retain professional sports teams.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2446 Introduced in House (IH)]
<DOC>
116th CONGRESS
1st Session
H. R. 2446
To amend the Internal Revenue Code of 1986 to ensure that bonds used to
finance professional stadiums are not treated as tax-exempt bonds.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 1, 2019
Mr. Blumenauer (for himself, Mr. Meadows, and Mr. Beyer) introduced the
following bill; which was referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to ensure that bonds used to
finance professional stadiums are not treated as tax-exempt bonds.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``No Tax Subsidies for Stadiums Act of
2019''.
SEC. 2. NO TAX-EXEMPT BONDS FOR PROFESSIONAL STADIUMS.
(a) In General.--Section 103(b) of the Internal Revenue Code of
1986 is amended by adding at the end the following new paragraph:
``(4) Professional stadium bond.--Any professional stadium
bond.''.
(b) Professional Stadium Bond Defined.--Section 103(c) of such Code
is amended by adding at the end the following new paragraph:
``(3) Professional stadium bond.--The term `professional
stadium bond' means any bond issued as part of an issue any
proceeds of which are used to finance or refinance capital
expenditures allocable to a facility (or appurtenant real
property) which, during at least 5 days during any calendar
year, is used as a stadium or arena for professional sports
exhibitions, games, or training.''.
(c) Effective Date.--The amendments made by this section shall
apply to bonds issued after the date of the enactment of this Act.
<all>