[Congressional Record Volume 143, Number 31 (Wednesday, March 12, 1997)]
[Senate]
[Page S2216]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. MOYNIHAN (for himself and Mr. Byrd):
  S. 434. A bill to amend the Internal Revenue Code of 1986 to correct 
the treatment of tax-exempt financing of professional sports 
facilities; to the Committee on Finance.


              the stop tax-exempt arena debt issuance act

 Mr. MOYNIHAN. Mr. President, today I am introducing 
legislation to prohibit the use of tax-exempt financing for 
professional sports stadiums, the Stop Tax-exempt Arena Debt Issuance 
Act [STADIA], with one modification.
  The bill I introduce today is identical to S. 122, the previously 
introduced version of the STADIA bill, in all respects save one. The 
new version, rather than generally applying to bonds issued on or after 
the date of first committee action, as specified in S. 122, will be 
effective generally for bonds issued on or after the date of enactment.
  On February 27, during the floor debate regarding the reinstatement 
of the airport and airway trust fund taxes, the senior Senator from 
Pennsylvania, Senator Specter, raised an objection to the majority 
leader's request that the aviation tax bill be taken up and passed. 
Senator Specter's objection was based on his concerns about the 
effective date of S. 122. In view of the importance of the aviation tax 
legislation, which is critical to the funding of air safety measures, I 
agreed to revised the effective date of my bill. Senator Specter then 
withdrew his objection to passage of the aviation tax legislation, 
which the Senate proceeded to pass by unanimous consent.

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