GOP Tax Bill Would Have Impact on Pro, College Sports - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

GOP Tax Bill Would Have Impact on Pro, College Sports

Posted: Updated:

The GOP tax reform bill released last week would eliminate federal subsidies for new stadiums. It's one of several aspects of the bill that would touch the world of sports.

The bill would end the tax exemption for bonds issued by state and local governments to pay for stadiums. Getting rid of the exemption has long been a popular talking point in Washington. Former president Barack Obama's 2015 budget sought to do the same thing. President Donald Trump asked in a tweet last month why the NFL was getting "massive tax breaks" amid the controversy over players protesting during the national anthem.

A Brookings Institution study found that the federal government subsidized 36 new or renovated stadiums to the tune of $3.2 billion over 16 years.

The Oakland Raiders are planning to use $750 million in tax-exempt bonds from Clark County, Nevada, to finance their new stadium in Las Vegas.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Powered by Frankly
All content © Copyright 2000 - 2017 Sarkes Tarzian, Inc. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.