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New tax bill would kill breaks for sports stadiums
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blazerjay Offline
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Post: #1
New tax bill would kill breaks for sports stadiums
Adding even more urgency to get the BJCC stadium project moving.

https://sports.yahoo.com/new-tax-bill-ki...27416.html

Quote:Republicans in the U.S. House of Representatives have taken him at his word: the newly proposed tax reform bill would kill the tax-exempt status for municipal bonds used to finance stadium construction. (Worth noting: this isn’t an idea new to Trump or Republicans. President Obama proposed ending the tax-free status for the bonds back in 2015, and the stadium-finance bond provision has long been a target of tax reformers.)...

Those municipal bonds are, at present, free from federal tax, saving investors a measurable, significant, double-digit percentage of the overall cost … and, in turn, depriving the federal treasury of significant potential revenue.
11-03-2017 11:52 AM
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hooverblazer Offline
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Post: #2
RE: New tax bill would kill breaks for sports stadiums
Hopefully this is on the right peoples' radar.
11-03-2017 11:56 AM
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BAMANBLAZERFAN Online
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Post: #3
RE: New tax bill would kill breaks for sports stadiums
My (amateur status) understanding of tax free municipal bonds is to make their relatively low interest rate return more acceptable in the competitive bond market. Higher return bonds that are taxed are balanced against lower return municipal bonds that are not taxed.

If the tax break is removed, will municipal bonds then have to pay higher interest returns thereby making them more expensive and /or harder to sell? If that happens, it could mean local municipalities and the states may have to substantially raise state and local taxes (local taxes in Alabama means sales taxes) in order to do the things normally done now by bond sales - or cut services.

EX: Alabama's recent prison building effort is built around being able to sell these tax free bonds with low interest rates. Under Alabama law, Bond income can only be used for permanent capital buildings (schools, prisons, stadiums, etc), never for wages or perishable materials (like foods or office supplies).
(This post was last modified: 11-03-2017 07:30 PM by BAMANBLAZERFAN.)
11-03-2017 01:17 PM
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WesternBlazer Online
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Post: #4
RE: New tax bill would kill breaks for sports stadiums
USA Today

Seems like it would apply to college and pro facilities. May not apply to cities building w/o regard to specific college or pro entities. Or am I reading it wrong(ly)?

https://www.usatoday.com/story/sports/20...830583001/
(This post was last modified: 11-03-2017 05:21 PM by WesternBlazer.)
11-03-2017 04:39 PM
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mixduptransistor Offline
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Post: #5
RE: New tax bill would kill breaks for sports stadiums
this is just the tippy tip tip of the iceberg headed for UAB that is a Republican-chaired Ways and Means committee
11-03-2017 04:49 PM
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GreenMississippi Offline
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Post: #6
RE: New tax bill would kill breaks for sports stadiums
(11-03-2017 04:49 PM)mixduptransistor Wrote:  this is just the tippy tip tip of the iceberg headed for UAB that is a Republican-chaired Ways and Means committee
Yep. Unfortunately I don't think national Republicans in Alabama need UAB supporters to win an election. Not their target demo.
11-03-2017 05:28 PM
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BirminghamJoseph2770 Offline
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Post: #7
RE: New tax bill would kill breaks for sports stadiums
So, It' in the headlines, That's good.
(This post was last modified: 11-08-2017 03:22 PM by BirminghamJoseph2770.)
11-07-2017 05:37 PM
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imjustafatkid Online
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Post: #8
RE: New tax bill would kill breaks for sports stadiums
Totally agree with this measure. Should have never been tax exempt to start with.
11-07-2017 09:29 PM
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mixduptransistor Offline
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Post: #9
RE: New tax bill would kill breaks for sports stadiums
(11-07-2017 09:29 PM)imjustafatkid Wrote:  Totally agree with this measure. Should have never been tax exempt to start with.

If you feel this way it's only logical that cities shouldn't build these facilities at all

FWIW, I would agree on NFL stadiums, but collegiate stadiums are by and large for other state institutions. If any city/state bond is going to be tax exempt, one that pays for a government facility used by a government entity (a public university) should be tax exempt
11-08-2017 08:01 AM
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ATTALLABLAZE Offline
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Post: #10
RE: New tax bill would kill breaks for sports stadiums
The project will be the BJCC renovation and expansion. It just happens to include a stadium in that expansion.

one time I built a stadium expansion that was actually a dorm room project with press box and luxury suites on top.

There are lots of ways to skin a cat.


Reality is if the movers and shakers have convinced the Mayor it will move forward. If not................ There will be a plan B but he City can forget about collecting any revenue.
11-08-2017 08:45 AM
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