Bill Details
S.1192 - 119th Congress
Status
Latest action
2025-03-27 - Read twice and referred to the Committee on Finance.
Introduced Date
2025-03-27
Policy Area
Taxation
Committees
View committees (1)
Sponsors
Cosponsors
View cosponsors (1)
9
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AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would end a federal tax break for bonds used to build or renovate professional sports stadiums and arenas. Right now, some public bonds can be issued without paying federal income tax on the interest. The bill would make sure bonds used to finance professional stadium projects are not treated as tax-exempt bonds, which would likely make it more expensive for these projects to borrow money. The new rule would apply only to bonds issued after the bill becomes law.
- It adds a new rule to the tax code saying that bonds for professional stadiums cannot be tax-exempt.
- It defines a professional stadium bond as a bond used to finance or refinance costs for a facility, or nearby land tied to it, that is used as a stadium or arena for professional sports events, games, or training for at least 5 days in a year.
- The change would apply only to bonds issued after the date the bill is enacted.
- The main effect would be to remove a federal tax subsidy that can help pay for stadium projects.
Official Summaries
No summaries available
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1192 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
1st Session
S. 1192
To amend the Internal Revenue Code of 1986 to ensure that bonds used to
finance professional stadiums are not treated as tax-exempt bonds.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 27, 2025
Mr. Lankford (for himself and Mr. Booker) introduced the following
bill; which was read twice and referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to ensure that bonds used to
finance professional stadiums are not treated as tax-exempt bonds.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``No Tax Subsidies for Stadiums Act of
2025''.
SEC. 2. NO TAX-EXEMPT BONDS FOR PROFESSIONAL STADIUMS.
(a) In General.--Section 103(b) of the Internal Revenue Code of
1986 is amended by adding at the end the following new paragraph:
``(4) Professional stadium bond.--Any professional stadium
bond.''.
(b) Professional Stadium Bond Defined.--Section 103(c) of such Code
is amended by adding at the end the following new paragraph:
``(3) Professional stadium bond.--The term `professional
stadium bond' means any bond issued as part of an issue any
proceeds of which are used to finance or refinance capital
expenditures allocable to a facility (or appurtenant real
property) which, during at least 5 days during any calendar
year, is used as a stadium or arena for professional sports
exhibitions, games, or training.''.
(c) Effective Date.--The amendments made by this section shall
apply to bonds issued after the date of the enactment of this Act.
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