Bipartisan Bills Aim to Close Tax Loophole for Rich Sports Owners
In 1986, a tax reform bill included language that would allow bonds to be tax exempt if they were used to fund more than 90 percent of the stadium’s construction. The language was included to actually close tax-emption loopholes for rich sports owners. Instead, it simply led to communities issuing sizable municipal bonds for stadiums to keep them tax exempt. Now it is commonplace for a team to use the federally-subsidized bonds to backdoor their way into… Read more…
