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.
Oh wait, that has been done before....;-)
Amateur entertainment is certainly a different thing altogether.
That's a good question. Are they curing cancer? Developing new forms of energy? Just what makes them so special?
Did you notice that the two leagues mentioned as an example were the NHL and the PGA Tour? Both almost exclusively white.
Just sayin’
Watch the hypocrite left DEFEND millionaires and billionaires calling it RACIST even though major sports teams are disproportionately "minority" and I know of not one "minority" team owner especially of the WHITE billionaires in the NFL.
HOORAY U.S. Senators Joni Ernst (R-IA) and Angus King (I-ME).
Why would the exemption only end for those making OVER 10 million?
How about we try that and only those of US making over 10 million have to pay taxes?
Equal treatment under the law, after all.
Some pigs are more equal than others.
You beat me by a few minutes in commenting on that. I don't believe for a minute that the liberal sh!thead from Maine singling those leagues out instead of the more ghetto-oriented ones was a mere coincidence.
Excellent idea! Should have been done YEARS ago.
It’s about time... These sports organizations benefit local communities,how??
>>End special privileges for a bunch of millionaires playing a game!<<
Exactly right!
i had no idea they were considered 501c3 corps. OMG, shut this crap down.
N eeling
F elon
L eague
I think you may be on to something.
I want them to investigate nfl "charities as well....from what I understand a tiny little amount ever gets used for anything besides salaries and benefits for the employees and their bosses..
$10 million per year turns into $100 million over 10. It all adds up.
Ping
If anyone pays taxes, everyone should pay taxes.
People who are protected from personally feeling the pain have no vested interest in protecting the rest of us from injury.
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