Federal lawmakers introduce legislation to end tax exemption for sports stadiums

[mahatmakanejeeves]

Good. If a new stadium is such a surefire moneymaker, I'm sure Dan Snyder will want to pay for it all by himself.

Federal lawmakers introduce legislation to end tax exemption for sports stadiums as football stadium bill moves forward in Virginia

By Nathaniel Cline [e-mail] 15 hrs ago

Updated Information
This story was updated to include remarks from a Loudoun County spokesperson.

Lawmakers in Congress on Tuesday introduced legislation that would end the tax-exempt status of municipal bonds used to finance professional sports stadiums, according to legislative officials. ... The No Tax Subsidies for Stadiums Act of 2022 comes as the Washington Commanders consider moving to a new home, potentially in Loudoun County.

Congressman Don Beyer (D), who represents Virginia’s 8th Congressional District, which encompasses Arlington County, the cities of Alexandria and Falls Church, and portions of Fairfax County, joined two other lawmakers in introducing the legislation. ... Since 2000, subsidies for financing professional sports stadiums have cost taxpayers $4.3 billion, despite the billions of dollars in profits that NFL clubs and other professional sports team owners reap each year, officials said in a Feb. 22 statement.

“Super-rich sports team owners like Dan Snyder do not need federal support to build their stadiums, and taxpayers should not be forced to fund them,” Beyer said in a prepared statement. ... “Billionaire owners who need cash can borrow from the market like any other business,” he said. “Arguments that stadiums boost job creation have been repeatedly discredited. In a time when there is a debate over whether the country can ‘afford’ investments in health care, child care, education, or fighting climate change, it is ridiculous to even contemplate such a radical misuse of publicly subsidized bonds.”

Congresswoman Jennifer Wexton (D-Va.-10th), who tweeted earlier this month that the team’s owner can spend his own money for a new stadium, is reviewing the legislation, according to a spokesperson. ... She made the remarks as legislation in the Virginia General Assembly that would facilitate the building of a new home for the Washington Commanders football team moves forward. ... “Dan Snyder can spend his own fortune on his new stadium,” Wexton wrote. “Taxpayer dollars should benefit taxpayers, not billionaire sports team owners—especially not those whose organization has been under investigation for a culture of sexual harassment.”

{snip a lot}

Nathaniel Cline
https://www.youtube.com/user/loudountimesdotcom
https://twitter.com/nathanielcline
[e-mail]

[The Jungle 1]

1. Good x infinity

I never understood how the ball clubs pulled off getting all that socialist corporate welfare.
In my state of Pa the state built 2 stadiums in Pittsburgh and 2 in Philadelphia. But the repukes are crying about increasing school funding.

[nitpicker]

2. +1

I don't want my tax dollars going to support billionaires' egos.

[mahatmakanejeeves]

3. Leesburg council opposes NFL stadium in Loudoun; Congress could end tax breaks to teams

Leesburg council opposes NFL stadium in Loudoun; Congress could end tax breaks to teams

Neal Augenstein | [e-mail]

February 24, 2022, 8:04 AM

As the Washington Commanders consider where the team might build a new stadium, the U.S. Congress and officials in Virginia’s Loudoun County are discussing who would pay for it.

Rep. Don Beyer, D-Va., on Tuesday reintroduced a bill he co-authored — “No Tax Subsidies for Stadiums Act,” — that would end the ability of pro sports teams to use tax-free municipal bonds to build new stadiums. Beyers’ district includes Alexandria, Falls Church and Arlington.

“Super-rich sports team owners like Dan Snyder do not need federal support to build their stadiums, and taxpayers should not be forced to fund them,” said Beyer, in a statement. “Billionaire owners who need cash can borrow from the market like any other business. Arguments that stadiums boost job creation have been repeatedly discredited.” ... The bill was co-authored by Reps. Earl Blumenauer, of Oregon, and Jackie Speier, of California. Both are Democrats.

Bills that could lead to construction of a $3 billion Washington Commanders NFL football stadium complex in Prince William or Loudoun counties have cleared both houses of the Virginia General Assembly.

{snip}

Neal Augenstein
Neal Augenstein has been a reporter at WTOP since 1997. Through the years, Neal has covered many of the crimes and trials that have gripped the region. Neal's been pleased to receive awards over the years for hard news, feature reporting, use of sound and sports.

[e-mail]
@AugensteinWTOP