S. 1192

119 S1192 IS: No Tax Subsidies for Stadiums Act of 2025
 U.S. Senate
 2025-03-27
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  1st Session  S. 1192  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.
1.
Short title
This Act may be cited as the   No Tax Subsidies for Stadiums Act of 2025  .
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.