Senators Seek To Stop Government Subsidies For Sports Stadiums
Katrina Willis, Daily Signal
Two senators are calling foul on government subsidies for professional sports stadiums.
Sens. James Lankford, R- Okla., and Cory Booker, D – N.J., introduced a bill Tuesday named “Eliminating Federal Tax Subsidies for Stadiums Act”.
“The federal government is responsible for a lot of important functions, but financing sports stadiums for multi-million—sometimes billion—dollar franchises is definitely not one of them,” Lankford said in a statement. “Using billions of federal taxpayer dollars for the subsidization of private stadiums when we have real infrastructure needs in our country is not a good way to prioritize a limited amount of funds.”
According to a press release from Lankford’s office, “The bill would close a loophole in the tax code that allows professional sports teams to finance new stadiums with municipal bonds that are exempt from federal taxes.”