S. 1342 — Introduced in Senate

II 115th CONGRESS 1st Session S. 1342 IN THE SENATE OF THE UNITED STATES June 12, 2017Mr. Booker (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 treat obligations financing professional sports stadiums as private activity bonds if such obligations meet the private business use test. 1. Short title This Act may be cited as the Eliminating Federal Tax Subsidies for Stadiums Act of 2017. 2. Eliminating Federal tax subsidization of professional sports stadiums (a) Treatment of certain obligations financing professional sports stadiums as private activity bonds Section 141(b) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (10) Special rule for professional sports stadiums (A) In general In the case of any issue any proceeds of which are to be used to provide a professional sports stadium, such issue shall be treated as meeting the private security or payment test of paragraph (2). (B) Professional sports stadium For purposes of this paragraph, the term professional sports stadium means any facility (and 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. . (b) Effective date The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act.