118 S2519 IS: Sports League Tax-Exempt Status Limitation Act U.S. Senate 2023-07-26 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II118th CONGRESS1st SessionS. 2519IN THE SENATE OF THE UNITED STATESJuly 26, 2023Mr. Wyden introduced the following bill; which was read twice and referred to the Committee on FinanceA BILLTo amend the Internal Revenue Code of 1986 to impose an asset test on professional sports leagues qualifying for 501(c)(6) status.

1.

Short title

This Act may be cited as the Sports League Tax-Exempt Status Limitation Act.

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.