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S. 1342 (115th): Eliminating Federal Tax Subsidies for Stadiums Act of 2017

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About the bill

Since 2000, 36 sports stadiums have been constructed using $3.2 billion in federal tax subsidies. Check out the full list — maybe your favorite team or your hometown squad is there.

A new bill would end this practice.

The context

It all stems from a provision in a 1986 tax reform bill, which accidentally created a loophole which allowed tax avoidance for many bonds used to finance sports stadiums.

The provision stated that such bonds could be tax-exempt if they were used for more than 90 percent of a stadium’s construction, under the logic that this would almost never happen. After all, most sports teams were owned by billionaires or multi-millionaires who would help front much of the costs.

However, the opposite happened, as taxpayers started paying for way ...

Sponsor and status

Cory Booker

Sponsor. Junior Senator for New Jersey. Democrat.

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Last Updated: Jun 12, 2017
Length: 2 pages
Introduced
Jun 12, 2017
115th Congress (2017–2019)
Status
Died in a previous Congress

This bill was introduced on June 12, 2017, in a previous session of Congress, but it did not receive a vote.

Source

History

Jun 12, 2017
 
Introduced

Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.

S. 1342 (115th) was a bill in the United States Congress.

A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.

Bills numbers restart every two years. That means there are other bills with the number S. 1342. This is the one from the 115th Congress.

This bill was introduced in the 115th Congress, which met from Jan 3, 2017 to Jan 3, 2019. Legislation not enacted by the end of a Congress is cleared from the books.

How to cite this information.

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“S. 1342 — 115th Congress: Eliminating Federal Tax Subsidies for Stadiums Act of 2017.” www.GovTrack.us. 2017. August 15, 2020 <https://www.govtrack.us/congress/bills/115/s1342>

Where is this information from?

GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.