Summary of Bill S 392
Bill 118 s 392, also known as the No Tax Subsidies for Stadiums Act of 2023, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to prohibit the use of federal tax-exempt bonds to finance the construction of professional sports stadiums.
Under current law, professional sports teams are able to receive tax subsidies in the form of tax-exempt bonds to help finance the construction of new stadiums. This bill seeks to put an end to this practice, arguing that it is unfair for taxpayers to subsidize the construction of stadiums for wealthy sports team owners.
If passed, the No Tax Subsidies for Stadiums Act of 2023 would prevent professional sports teams from using federal tax-exempt bonds to fund stadium construction projects. This would likely result in teams having to find alternative sources of funding for new stadiums, such as private financing or local government support.
Supporters of the bill argue that it is a matter of fairness and fiscal responsibility, as taxpayers should not be on the hook for subsidizing the construction of stadiums for wealthy sports team owners. Critics, on the other hand, may argue that the bill could make it more difficult for teams to build new stadiums, potentially impacting local economies and the sports industry as a whole.
Overall, the No Tax Subsidies for Stadiums Act of 2023 is a proposed piece of legislation that aims to address the issue of federal tax subsidies for professional sports stadiums. It is currently being debated in Congress, and its fate will ultimately be decided by lawmakers in the coming months.
Congressional Summary of S 392
No Tax Subsidies for Stadiums Act of 2023
This bill denies an exclusion from tax of the interest on professional stadium bonds (i.e., bonds used to finance or refinance capital expenditures for a stadium or arena used for professional sports exhibitions, games, or training).