Bill > S1192

This bill amends the Internal Revenue Code to eliminate tax-exempt status for bonds used to finance professional sports stadiums. Specifically, the legislation adds a new provision defining a "professional stadium bond" as any bond used to finance capital expenditures for a facility that is used as a stadium or arena for professional sports exhibitions, games, or training for at least 5 days in a calendar year. Under the proposed change, such bonds would no longer qualify for tax-exempt status, which means the bonds would be subject to federal income tax. This would effectively make it more expensive for teams and local governments to finance new stadium construction or renovation projects by removing the financial incentive of tax-exempt bonding. The bill's provisions would apply to any bonds issued after the date of the Act's enactment, potentially discouraging future public financing of professional sports venues by increasing their overall cost.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/1192/all-info