The NFL is not a big fan of recent Republican tax reform proposals that cancel the billions that teams get in tax subsidies to build and operate sports stadiums across the country, a report says.
The tax proposal would eliminate the big tax breaks cities and states receive on money borrowed to build stadiums meant to entice or prevent sports franchises from moving to another city.
“The proposed tax bill would target the tax exemption on municipal bonds,” Pro Football Talk wrote, “and those bonds have become a key piece of the $750 million in public funding that will build a new stadium for the Raiders in Las Vegas.”
But the tax reform idea does not sit well with the National Football League, according to Pro Football Talk.
“We believe that the construction of new stadiums and renovations of stadiums are economic drivers in local communities,” said NFL spokesman Joe Lockhart. “If the idea is to promote economic growth, this would be a step backwards.”
The Las Vegas Raiders is one team that could be one of the first to be affected by the proposed tax break elimination.
With the team’s recent move to Sin City, the plan to get the team up and running includes building one of the most expensive sports stadium complexes in U.S. history. The plan also features an incredible $750 million in publicly issued, tax-exempt bonds to fund its construction.
But according to the Associated Press, the new tax law would prevent the ability to issue those tax-exempt bonds putting the Raiders’ whole deal in jeopardy. full story
You mean the NFL might have to use their own money or borrow from a bank to build their own buildings like us regular folks? Say it ain’t so!