Limiting Tax Exemptions for Large Professional Sports Leagues
This bill changes tax rules for professional sports leagues. Specifically, a professional football league will lose its federal income tax exemption if the average value of its assets exceeds $500 million over a three-year period. This aims to ensure that highly profitable sports organizations contribute federal taxes, potentially increasing government revenue.
Key points
An asset test is introduced for professional sports leagues, primarily targeting football leagues, to determine their tax-exempt status.
Leagues exceeding $500 million in average assets over three years will lose their 501(c)(6) tax-exempt status.
These changes take effect for tax years beginning after December 31, 2023, potentially increasing federal tax revenue.
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