[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 1342 Introduced in Senate (IS)]

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115th CONGRESS
  1st Session
                                S. 1342

    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.


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                   IN THE SENATE OF THE UNITED STATES

                             June 12, 2017

  Mr. 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.

    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 ``Eliminating Federal Tax Subsidies 
for Stadiums Act of 2017''.

SEC. 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.
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