Bill seeks to tax bonds used to finance sports stadiums
WASHINGTON — An Oklahoma congressman has filed a bill that would close a loophole in the tax code on bonds used to finance public sports stadiums and arenas.
U.S. Rep. Steve Russell, R-Okla., filed the “No Tax Subsidies for Stadiums Act” on Feb.1, according to the U.S. Government Publishing Office.
The bill, co-sponsored by U.S. Reps. Mark Meadows, R-N.C., and Earl Blumenauer, D-Ore., was sent to the House Ways and Means Committee for consideration.
Similar legislation filed by Russell last year died in committee. That bill would have prohibited government bonds to be used to finance stadiums.
Russell’s new bill would change the code to tax bonds used to finance stadiums.
A $1.9 billion plan to relocate the Oakland Raiders to Las Vegas includes $750 million in bonds to be funded by a 0.88-percentage-point increase in Clark County’s hotel room tax.
Russell filed his legislation last year as a means to help trim federal budget deficits and not as a response to any stadium project.