,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #aaba  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #aj1 #bjai,ms4  
,ern/ 7= h]self & ,mr4 ,k+7 introduc$ ! 
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,f9ance  ,a ,,bill   
,to am5d ! ,int]nal ,rev5ue ,code (     
#aihf to exclude major pr(essional      
sports leagues f qualify+ z tax-exempt  
organizations4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,prop]ly ,r$uc+    
,ov]exemptions = ,sports ,act or ! ,,pro
 ,sports ,act4  #b4 ,f9d+s ,congress    
makes ! foll[+ f9d+s3  7#a7 ,! ,national
 ,hockey ,league 7,,nhl71 ,,pga ,t\r1 & 
,ladies ,pr(essional ,golf ,association 
7,,lpga7 ea* h league (fices t are      
regi/]$ ) ! ,int]nal ,rev5ue ,s]vice z  
nonpr(it organizations "u section       
#eja7;c77#f7 ( ! ,int]nal ,rev5ue ,code 
( #aihf4  7#b7 ,league-wide op]ations ( 
! ,,nhl1 ,,pga ,t\r1 & ,,lpga toge!r    
g5]ate ov] #a1jjj1jjj1jjj 9 annual      
rev5ue1 & ^! bus9esses are unmi/akably  
organiz$ = pr(it & to promote _! br&s4  

7#c7 ,accord+ to ! ,int]nal ,rev5ue     
,s]vice1 section #eja7;c77#f7 ( !       
,int]nal ,rev5ue ,code ( #aihf is =     
gr\ps look+ to promote a common bus9ess 
int]e/ & n to engage 9 a regul> bus9ess 
( a k9d ord9>ily c>ri$ on = pr(it4  7#d7
 ,accord+ to ! ,int]nal ,rev5ue ,s]vice1
 bus9esses t conduct op]ations = pr(it  
on a coop]ative basis %\ld n qualify =  
tax-exempt treatm5t "u section          
#eja7;c77#f7 ( ! ,int]nal ,rev5ue ,code 
( #aihf4  #c4 ,elim9ation ( specific    
exemption = pr(essional football leagues
  7a7 ,9 g5]al ,p>agraph 7#f7 ( section 
#eja7;c7 ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$-- 7#a7 by /rik+ 1 or     
pr(essional football leagues 7:e!r or n 
adm9i/]+ a p5sion fund = football       
play]s71 &  7#b7 by ins]t+ or aft]      
real-e/ate bo>ds14  7b7 ,effective date 
,! am5dm5ts made by ?is section %all    
apply to taxable ye>s beg9n+ aft]       
,decemb] #ca1 #bjai4  #d4 ,special rules
 relat+ to pr(essional sports leagues   
7a7 ,9 g5]al ,section #eja ( ! ,int]nal 

,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new subsection3  7s7  
,special rules relat+ to pr(essional    
sports leagues ,no organization or      
entity %all be treat$ z describ$ 9      
subsection 7c77#f7 if su* organization  
or entity--  7#a7 is a pr(essional      
sports league1 organization1 or         
association1 a sub/antial activity ( :i*
 is to fo/] national or int]national    
pr(essional sports competitions 7includ+
 by manag+ league bus9ess affairs1      
(ficiat+ or provid+ ref]ees1 coord9at+  
s*$ules1 manag+ sponsor%ips or broadca/ 
sales1 op]at+ loan programs =           
competition facilities1 or ov]see+ play]
 conduct71 &  7#b7 has annual gross     
receipts 9 excess ( #aj1jjj1jjj4  4  7b7
 ,effective date ,! am5dm5t made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ,decemb] #ca1 #bjai4