Posted on 06/19/2018 3:18:22 PM PDT by iowamark
PRO Sports Act would give $100 million back to taxpayers
WASHINGTON – Today, U.S. Senators Joni Ernst (R-IA) and Angus King (I-ME) introduced bipartisan legislation, the Properly Reducing Overexemptions for Sports (PRO Sports) Act, to strip multi-million dollar professional sports leagues of their tax-exempt status, saving roughly $100 million in taxpayer dollars over 10 years.
“Professional sports leagues – which are raking in millions of dollars from television rights and membership dues – shouldn’t also be scoring a hole-in-one with their taxes,” said Senator Ernst. “The PRO Sports Act amends the tax code to revoke this unnecessary exemption, saving approximately $100 million in taxpayer dollars over 10 years. Senator King and I are cutting this wasteful spending and protecting taxpayer dollars.”
The PRO Sports Act would revoke the 501(c)(6), tax-exempt status of professional sports leagues with over $10 million in gross receipts. While some leagues have voluntarily ended their tax-exempt status in recent years, others continue to use this loophole while bringing in hundreds of millions of dollars in revenue.
“Sports leagues like the NHL and the PGA Tour provide entertainment for millions of Americans, but that doesn’t mean these league-specific brands should be able to utilize Section 501(c)(6) of the tax code to be tax exempt,” said Senator King. “This bill would help close loopholes that allow leagues to boost their profits at the expense of taxpayers – it’s just common sense.”
Read the full text of the bill here.
Just Do It!
Good deal. Why should taxpayers be subsidizing multi-billion dollar sports teams? Way past time to end this welfare.
Works for me.
These leagues are less about sports and more about pushing their political anti-American agenda down our throats.
Tax ‘em.
F***ing Kneelers!
Do it!
I see no reason why not.
I like this idea. On your Knees begging not to shut down money losing franchises. Oops knees? What did I just say? Well. NFL dolts have practice being on knees
Wish it would end on the city, country and state levels, too. It makes no sense that govs that "can't afford" to pave streets can afford to subsidize the building of stadiums. Why not make them public corporations and sell stock if the owners don't want to pay for their stadiums?
The EEOC should investigate their hiring practices. Blacks are 17% of the population but 70% of NFL players are black. This is a prima facie case of discrimination.
‘Bout damned time.
I agree.
I would also like eminent domain and state financial assistance banned from assiting the leagues in obtaining and building their stadiums and areans.
They are billion dollar industry gettting billions in advertizing and broadcast/cable feels, charging the-sky-is-the-limit ticket prices and paying players gazillions of dollars while their farm league teams’ players live in poverty. They are wealthy businesses and don’t deserve a dime of public assistance.
Way past due. It was needed for the NFL in the 60’s and since then has amounted to a taxpayer subsidy for millionaires and billionaires. Players AND Owners. Hope it passes and comes to a vote sooner than later.
Sports teams are the biggest welfare whores out there.
Yes, end tax and anti-trust excemptions.
I agree. If a sports organization is selling tickets to spectators, profits should be taxable.
more winning....
Selling tickets? Those are taxes. lol
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