A bill to amend the Internal Revenue Code of 1986 to ensure that bonds used to finance professional stadiums are not treated as tax-exempt bonds.

Bill: 116-s-1242
Sponsor: full_name: Sen. Booker, Cory A. [D-NJ]
Introduced: 2019-04-30
Policy area: Taxation
Subjects: Income tax exclusion

Interest, dividends, interest rates

Professional sports

Securities

Sports and recreation facilities

State and local finance
Latest action: action_date: 2019-04-30
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2019-04-30
action_desc: Introduced in Senate
text: <p>This bill prohibits a professional stadium bond from being treated as a tax-exempt state or local bond. A &quot;professional stadium bond&quot; is used to finance or refinance a facility or real property used as a stadium or arena for professional sports exhibitions, games, or training.</p>

tv_txt: II 116th CONGRESS 1st Session S. 1242 IN THE SENATE OF THE UNITED STATES April 30, 2019 Mr. Booker (for himself and Mr. Lankford ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to ensure that bonds used to finance professional stadiums are not treated as tax-exempt bonds.

1. No tax-exempt bonds for professional stadiums (a) In general Section 103(b) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (4) Professional stadium bond Any professional stadium bond. . (b) Professional stadium bond defined Section 103(c) of such Code is amended by adding at the end the following new paragraph: (3) Professional stadium bond The term professional stadium bond means any bond issued as part of an issue any proceeds of which are used to finance or refinance capital expenditures allocable to a facility (or appurtenant real property) which, during at least 5 days during any calendar year, is used as a stadium or arena for professional sports exhibitions, games, or training. . (c) Effective date The amendments made by this section shall apply to bonds issued after the date of the enactment of this Act.