Sending Office: Honorable Earl Blumenauer
Please join us in cosponsoring H.R. 2446, the No Tax Subsidies for Stadiums Act of 2019. This bipartisan, bicameral legislation returns hundreds of millions of dollars a year to American taxpayers by disallowing the tax-exemption for municipal bonds used
to finance professional sports stadiums.
For more than a century, the federal government has supported state and local infrastructure projects by excluding the interest on municipal bonds from federal income taxes. Qualified projects eligible for a tax-exemption include roads, sewers and water
systems, hospitals, schools, governmental buildings, and other projects for the public good. However, a loophole in the tax code allows billionaire owners of sports franchises to use public money to construct stadiums using tax-exempt municipal bonds.
Since 2000, 36 professional sports stadiums have been constructed or rehabilitated under financing provided by federal tax-exempt municipal bonds, costing taxpayers nearly $4 billion. While professional sports teams promise state and local governments that
their stadiums will produce local economic development and job creation, there is no quantifiable evidence that they provide these benefits. Public financing creates a race to the bottom where teams worth hundreds of millions, or even billions, of dollars
have all the leverage to exploit city budgets for their own gain. Too often, these subsidies also create budgetary constraints that result in offsetting cuts to critical public safety and economic security programs.
H.R. 2446 removes the federal tax-exemption on municipal bonds used to finance sports stadiums, returning hundreds of millions of dollars back to the general fund. To sign on as a cosponsor, please contact Jon Bosworth (Jon.Bosworth@mail.house.gov)
in Representative Blumenauer’s office.
|Earl Blumenauer||Mark Meadows|
|Member of Congress||Member of Congress|
|Donald S. Beyer, Jr.|
|Member of Congress|
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