The new tax bill contains a provision in it that would prevent local governments from using tax-exempt public-purpose bonds to fund NFL stadiums. The NFL countered that the bonds are a good investment because NFL stadiums bring prosperity to the communities around them.
The question remaining is this, if the stadiums are such a boon on local economies, then why not raise private funds? Why take a gamble with tax payer dollars? Whatever the motivation behind congress targeting the NFL to lose some of its corporate welfare makes no never mind to me. One less corporate welfare dollar spent is ALWAYS a good thing.
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The National Football League said on Tuesday it opposes a tax bill proposed by U.S. House of Representatives Republicans that could force teams to put up more of their own money to fund stadium construction.
Under the legislation unveiled last week, local governments could no longer fund the building or renovation of professional sports stadiums by issuing tax-exempt, public-purpose bonds, the sort of bonds typically used to fund schools, libraries and public transit.
According to the NFL, building new stadiums enhances economic development in cities that are home to the venues and federal tax breaks should be available.
“You can look around the country and see the economic development that’s generated from some of these stadiums,” NFL spokesman Joe Lockhart told a conference call.
“These sorts of infrastructure projects have a long history and the benefits of them are obvious in many of our communities around the country, so we will continue to make our opposition known on that.”
President Donald Trump has called for an end to the subsidy, at least for the NFL, after some of its players angered the Republican president by kneeling during the national anthem to protest racial bias in the criminal justice system. His Democratic predecessor, Barack Obama, also proposed ending the tax break for stadiums in 2015.