Like Countable?

Install the App
TRY NOW

house Bill H.R. 811

Should State & Local Bonds Issued to Finance Pro Sports Stadiums Not be Tax Exempt?

Argument in favor

Pro sports franchises can access the funding they need to build stadiums without cities and states issuing tax exempt bonds, which reduces the resources available for other infrastructure projects.

Lillian's Opinion
···
11/25/2017
Why should public (taxpayers') money help build stadiums for rich corporations at all? If the stadiums are going to be tax-exempt, then the wealthy can pay all costs for building them. If the taxpayers fund the building of the structure, then there should be compensation to the taxpayers, and taxes would be an appropriate form of compensation. Bear in mind that, although the events conducted in the stadium do create revenue for the city, they also create expenses in the form of infrastructure usage, damage, and maintenance. These expenses are what the taxes would be paying for. And the money to pay the taxes should come out of corporate profits and NOT out of the consumer in the form of higher ticket prices.
Like (210)
Follow
Share
Benjamin's Opinion
···
11/25/2017
Public financing for stadiums is a racket and shouldn’t be legal let alone tax exempt
Like (79)
Follow
Share
Erin's Opinion
···
11/25/2017
Professional sports teams make millions, and in some markets billions, each year in revenue. It’s about time professional sports teams start paying their fair share in taxes, especially in the communities that support them.
Like (71)
Follow
Share

Argument opposed

If a city or state government and its taxpayers are willing to publicly finance the construction of a pro sports stadium using bonds, they should be considered tax exempt like other municipal bonds.

Randy's Opinion
···
11/25/2017
My tax money shouldn't go to support a billionaires business.
Like (24)
Follow
Share
Aaron's Opinion
···
11/26/2017
The Government whether it is city, county or state should not play any part in financing teams or stadiums.
Like (2)
Follow
Share
SneakyPete's Opinion
···
11/25/2017
Sport Corporations being PRIVATELY owned, should NOT be, tax exempt. The same should be applied to bonds sold to fund the building of their stadiums. The millions made from sporting events, goods, and sponsors can be used to fund the construction 🚧 of new facilities.
Like (2)
Follow
Share

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      Committee on Ways and Means
    IntroducedFebruary 1st, 2017

What is House Bill H.R. 811?

This bill would modify the tax code to specify that state and local bonds issued to finance professional sports stadiums aren’t tax exempt for tax purposes. Such bonds would be deemed to meet the private security or payment test, which means that they’d be considered private activity bonds.

Impact

City and state governments issuing bonds to build pro sports stadiums; pro sports franchises; investors; and the federal government.

Cost of House Bill H.R. 811

A CBO cost estimate is unavailable.

More Information

In-DepthSponsoring Rep. Steve Russell (R-OK) introduced this bill to end tax exemptions for municipal bonds issued to build stadiums:

“I have long contended that the funding of stadiums with tax free municipal bonds is not only unnecessary, but removes critical funding from cities looking to improve their infrastructure, which was the original purpose of the tax breaks. It’s time to stop stadium financiers from exploiting a tax code loophole that lets them use municipal bonds.”

This legislation has the support of seven bipartisan cosponsors in the House, including four Republicans and three Democrats. This legislation was included in the House-passed version of the Tax Cuts and Jobs Act.


Of Notereport by the Brookings Institution found that $3.2 billion in federal taxpayer money, through tax-exempt municipal bonds, has been “used to fund 36 newly built or renovated sports stadiums since 2000.”


Media:

Summary by Eric Revell

(Photo Credit: LeoPatrizi / iStock)

AKA

No Tax Subsidies for Stadiums Act

Official Title

To amend the Internal Revenue Code of 1986 to treat obligations financing professional sports stadiums as private activity bonds if such obligations meet the private business use test.

    Why should public (taxpayers') money help build stadiums for rich corporations at all? If the stadiums are going to be tax-exempt, then the wealthy can pay all costs for building them. If the taxpayers fund the building of the structure, then there should be compensation to the taxpayers, and taxes would be an appropriate form of compensation. Bear in mind that, although the events conducted in the stadium do create revenue for the city, they also create expenses in the form of infrastructure usage, damage, and maintenance. These expenses are what the taxes would be paying for. And the money to pay the taxes should come out of corporate profits and NOT out of the consumer in the form of higher ticket prices.
    Like (210)
    Follow
    Share
    My tax money shouldn't go to support a billionaires business.
    Like (24)
    Follow
    Share
    Public financing for stadiums is a racket and shouldn’t be legal let alone tax exempt
    Like (79)
    Follow
    Share
    Professional sports teams make millions, and in some markets billions, each year in revenue. It’s about time professional sports teams start paying their fair share in taxes, especially in the communities that support them.
    Like (71)
    Follow
    Share
    Let the rich pay their own way!
    Like (52)
    Follow
    Share
    Such a lucrative investment has no need of tax exemptions.
    Like (19)
    Follow
    Share
    Why is any form of public funding be used to build stadiums? The overly wealthy team owners can access their own funds to build monuments to their sports.
    Like (17)
    Follow
    Share
    These projects are shown to not bring more money to cities, so cities should not shoulder more burden to prop them up. These professional sports make so much money, they aren't entitled to additional tax benefits.
    Like (17)
    Follow
    Share
    Join the ranks of the tax payers!
    Like (15)
    Follow
    Share
    No more public subsidies for people’s past times!
    Like (13)
    Follow
    Share
    Why woumd the public want to pay for something they do not get a share of the revenue? Tax corporations accordingly. Why even ask this question?
    Like (11)
    Follow
    Share
    Taxpayers should not be footing the bill for sports stadiums, at all.
    Like (11)
    Follow
    Share
    No one has offered to build me a tax free business
    Like (10)
    Follow
    Share
    The NFL shouldn’t be a tax exempt organization and we shouldn’t use our tax dollars to build their stadium empires.
    Like (10)
    Follow
    Share
    Voting "yes" means removing tax exempt status. "No" means keeping tax exempt status. Badly worded headline. Billion dollar franchises don't need our tax dollars.
    Like (8)
    Follow
    Share
    A vote for this bill is giving a billionaire a helping hand. It doesn’t make since to me. SMH🤦🏿‍♂️.
    Like (7)
    Follow
    Share
    Billionaire owners don’t need (even more) tax exemptions.
    Like (6)
    Follow
    Share
    Why should my taxes continually be used for things I don’t agree with. We work and pay the taxes and live on a modest income. If they want the stadiums then let them pay for them with their million dollar contracts.
    Like (6)
    Follow
    Share
    If homeowners are losing the exemption than why should rich team owners have it!
    Like (5)
    Follow
    Share
    Seriously, could this have been more poorly worded?
    Like (4)
    Follow
    Share
    MORE