GOP tax bill axes break for pro sports teams

[carpro]

New GOP Bill Slashes Tax Break for NFL, Would Save Taxpayers $200 Million Over Next Decade


The GOP tax plan unveiled Thursday by Republican members of the House reportedly contains a provision that would prevent professional sports teams, including the NFL, from taking advantage of tax-exempt municipal bonds, a government service usually reserved for local communities.

“Generally used for roads, hospitals and the like, a number of communities have extended them to help out sports teams, usually as a way of enticing a team to stay in a community,” The Washington Times reported. “Axing the break would save $200 million over the next decade, according to early estimates.”

As reported by Reuters, “(o)f the 16 NFL stadiums built or renovated from 2000 through 2014, 13 were financed in part by tax-exempt bonds with an average financing worth $360.2 million.” The total costs of these bonds was an estimated $3.7 billion.

The provision included in the GOP’s tax bill would affect all sports teams, including those in the MLB and the NHL.

 

[InTheLight]

This is not an issue for the federal government to get involved with. Why don't they just throw the 10th amendment away?

 

[carpro]

This is not an issue for the federal government to get involved with. Why don't they just throw the 10th amendment away?

If it's a federal tax break, it's their business.

 

[Salty]

If it's a federal tax break, it's their business.

A tax break may be one thing - but financing is another.

Not only sports stadiums - but other entertainment venues as well.
Onondaga County spent 50 million dollars to build a brand new amphitheater near the New York State Fairgrouds.
The county plans to use state casino revenue (about 3 million) received in a settlement with the Oneida Nation to pay for the amphitheater.
This is an outdoor theater - so from Oct - March - dont even consider using it with our Syracuse winters.

Was that a good way to spend the money?

 

[Adonia]

They still won't end the tax madness completely and go for either a flat tax or the Fair Tax.

 

[Salty]

They still won't end the tax madness completely and go for either a flat tax or the Fair Tax.

Or the Automatic Electronic Tax

 

[Reynolds]

Sure

A tax break may be one thing - but financing is another.

Not only sports stadiums - but other entertainment venues as well.
Onondaga County spent 50 million dollars to build a brand new amphitheater near the New York State Fairgrouds.
The county plans to use state casino revenue (about 3 million) received in a settlement with the Oneida Nation to pay for the amphitheater.
This is an outdoor theater - so from Oct - March - dont even consider using it with our Syracuse winters.

Was that a good way to spend the money?

Does the govt ever care if they spend our money responsibly?

 

[InTheLight]

If it's a federal tax break, it's their business.

I don't see how MUNICIPAL bonds have an effect on the federal government or why the federal government could regulate them. Perhaps you can explain how, as your article states, the federal government can "prevent professional sports teams, including the NFL, from taking advantage of tax-exempt municipal bonds."

What states, counties, cities, and local municipalities do regarding issuing bonds is not the purview of the federal government. Conservatives say they love and cling to the 10th amendment, but frequently they ignore it when their pet issues come to the forefront.

 

[carpro]

I don't see how MUNICIPAL bonds have an effect on the federal government or why the federal government could regulate them.

Does the phrase "tax free municiple bonds" mean anything to you? What tax are they free of? Wouldn't be federal, would it? Once you figure that out, you'll be most of the way there. But it's likely your stubbornness will keep you from ever arriving.

Sports franchises no longer get that benefit. End of story. deal with it.

 

[InTheLight]

Does the phrase "tax free municiple bonds" mean anything to you? What tax are they free of? Wouldn't be federal, would it?

It would be federal, state, county, and local taxes. It's found in sec. 103 of the Internal Revenue Tax Code.

Sports franchises no longer get that benefit. End of story. deal with it.

GOP picking winners and losers in the corporate world. Deal with it.

 

[carpro]

It would be federal, state, county, and local taxes. It's found in sec. 103 of the Internal Revenue Tax Code.

GOP picking winners and losers in the corporate world. Deal with it.

Just like the tax code, regardless of who wrote it, has always picked winners and losers. Individual or corporate makes no difference.

 

[InTheLight]

Just like the tax code, regardless of who wrote it, has always picked winners and losers. Individual or corporate makes no difference.

In this instance every entity in the US is exempt from federal taxes on interest derived from tax-free municipal bonds except professional sports stadiums. One and only one industry is being singled out. This is a message being sent to NFL owners regarding the kneeling during the national anthem and will not survive the passage of the tax reform bill.

 

[carpro]

In this instance every entity in the US is exempt from federal taxes on interest derived from tax-free municipal bonds except professional sports stadiums. One and only one industry is being singled out. This is a message being sent to NFL owners regarding the kneeling during the national anthem and will not survive the passage of the tax reform bill.

Hope it does.

They deserve it.