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S. 1242: 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.


The text of the bill below is as of Apr 30, 2019 (Introduced).


II

116th CONGRESS

1st Session

S. 1242

IN THE SENATE OF THE UNITED STATES

April 30, 2019

(for himself and Mr. Lankford) 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.

1.

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.