Bill > HR2434

This bill aims to eliminate tax-exempt status for bonds used to finance professional sports stadiums by amending the Internal Revenue Code of 1986. Specifically, the bill defines a "professional stadium bond" as any bond issued 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 changes, such bonds would no longer qualify for tax-exempt status, which means the bonds would be subject to federal taxation. The purpose of the bill is to remove federal tax incentives for financing professional sports stadiums, potentially discouraging local governments and private entities from using tax-advantaged municipal bonds to fund these expensive infrastructure projects. The amendments would apply to bonds issued after the date of the bill's enactment, effectively closing a tax loophole that has previously allowed sports stadium financing to benefit from tax-exempt bond treatment.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/2434/all-info