No Tax Subsidies for Stadiums Act
This bill amends the Internal Revenue Code to prohibit the use of tax-exempt state and local financing bonds for a professional entertainment facility. A professional entertainment facility is a facility that is used during any five days in a calendar year as: (1) a stadium or arena for professional sports exhibitions, games, or training; or (2) a venue for any entertainment event which has a live audience exceeding 100 individuals and the net earnings from which benefit an individual or entity other than a governmental entity or a tax-exempt organization.
[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4838 Introduced in House (IH)]
<DOC>
114th CONGRESS
2d Session
H. R. 4838
To amend the Internal Revenue Code of 1986 to disallow the issuance of
tax-exempt bonds any proceeds of which are used to provide professional
entertainment facilities.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 22, 2016
Mr. Russell introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to disallow the issuance of
tax-exempt bonds any proceeds of which are used to provide professional
entertainment facilities.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``No Tax Subsidies for Stadiums Act''.
SEC. 2. TAX EXEMPT FINANCING OF PROFESSIONAL ENTERTAINMENT FACILITIES
DISALLOWED.
(a) In General.--Section 149 of the Internal Revenue Code of 1986
is amended by adding at the end the following new subsection:
``(h) No Portion of Bonds May Be Used for Professional
Entertainment Facilities.--
``(1) In general.--Section 103(a) shall not apply to any
bond issued as part of an issue any proceeds of which are to be
used to provide a professional entertainment facility.
``(2) Professional entertainment facility.--For purposes of
this subsection, the term `professional entertainment facility'
means any facility (and appurtenant real property) which,
during at least 5 days during any calendar year, is used--
``(A) as a stadium or arena for professional sports
exhibitions, games, or training, or
``(B) as a venue for any entertainment event--
``(i) the live audience for which exceeds
100 individuals, and
``(ii) any net earnings from which inure to
the benefit of an individual or any entity
other than--
``(I) the United States, any State
or political subdivision thereof, any
possession of the United States, or any
agency or instrumentality of any of the
foregoing, or
``(II) an organization which is
described in paragraph (3), (4), (5),
(6), (7), (10), (19), or (23) of
section 501(c) and exempt from tax
under section 501(a) or is a political
organization (as defined in section
527(e)(1)).''.
(b) Effective Date.--The amendment made by this section shall apply
to obligations issued after the date of the enactment of this Act.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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