[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 2519 Introduced in Senate (IS)]

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118th CONGRESS
  1st Session
                                S. 2519

 To amend the Internal Revenue Code of 1986 to impose an asset test on 
      professional sports leagues qualifying for 501(c)(6) status.


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                   IN THE SENATE OF THE UNITED STATES

                             July 26, 2023

   Mr. Wyden introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

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                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to impose an asset test on 
      professional sports leagues qualifying for 501(c)(6) status.

    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 ``Sports League Tax-Exempt Status 
Limitation Act''.

SEC. 2. ASSET TEST FOR PROFESSIONAL SPORTS LEAGUES.

    (a) In General.--Paragraph (6) of section 501(c) of the Internal 
Revenue Code of 1986 is amended--
            (1) by inserting ``(A)'' after ``(6)'' , and
            (2) by adding at the end the following new subparagraph:
            ``(B) Subparagraph (A) shall not apply to any professional 
        football league if the average annual value of the assets of 
        such league, as reported on the league's annual return, for any 
        3-taxable-year period beginning after December 31, 2020, 
        exceeds $500,000,000.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2023.
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