[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4838 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 4838

To amend the Internal Revenue Code of 1986 to disallow the issuance of 
tax-exempt bonds any proceeds of which are used to provide professional 
                       entertainment facilities.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 22, 2016

 Mr. Russell introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to disallow the issuance of 
tax-exempt bonds any proceeds of which are used to provide professional 
                       entertainment facilities.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``No Tax Subsidies for Stadiums Act''.

SEC. 2. TAX EXEMPT FINANCING OF PROFESSIONAL ENTERTAINMENT FACILITIES 
              DISALLOWED.

    (a) In General.--Section 149 of the Internal Revenue Code of 1986 
is amended by adding at the end the following new subsection:
    ``(h) No Portion of Bonds May Be Used for Professional 
Entertainment Facilities.--
            ``(1) In general.--Section 103(a) shall not apply to any 
        bond issued as part of an issue any proceeds of which are to be 
        used to provide a professional entertainment facility.
            ``(2) Professional entertainment facility.--For purposes of 
        this subsection, the term `professional entertainment facility' 
        means any facility (and appurtenant real property) which, 
        during at least 5 days during any calendar year, is used--
                    ``(A) as a stadium or arena for professional sports 
                exhibitions, games, or training, or
                    ``(B) as a venue for any entertainment event--
                            ``(i) the live audience for which exceeds 
                        100 individuals, and
                            ``(ii) any net earnings from which inure to 
                        the benefit of an individual or any entity 
                        other than--
                                    ``(I) the United States, any State 
                                or political subdivision thereof, any 
                                possession of the United States, or any 
                                agency or instrumentality of any of the 
                                foregoing, or
                                    ``(II) an organization which is 
                                described in paragraph (3), (4), (5), 
                                (6), (7), (10), (19), or (23) of 
                                section 501(c) and exempt from tax 
                                under section 501(a) or is a political 
                                organization (as defined in section 
                                527(e)(1)).''.
    (b) Effective Date.--The amendment made by this section shall apply 
to obligations issued after the date of the enactment of this Act.
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