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Senate Bill 1242
116th Congress(2019-2020)
A bill to amend the Internal Revenue Code of 1986 to ensure that bonds used to finance professional stadiums are not treated as tax-exempt bonds.
Introduced
Introduced
Introduced in Senate on Apr 30, 2019
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Introduced in Senate 
Apr 30, 2019
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Introduced in Senate(Apr 30, 2019)
Apr 30, 2019
Not Scanned for Linkage
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
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S. 1242 (Introduced-in-Senate)


116th CONGRESS
1st Session
S. 1242


To amend the Internal Revenue Code of 1986 to ensure that bonds used to finance professional stadiums are not treated as tax-exempt bonds.

IN THE SENATE OF THE UNITED STATES

April 30, 2019

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 ensure that bonds used to finance professional stadiums are not treated as tax-exempt bonds.

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

SECTION 1. No tax-exempt bonds for professional stadiums.

(a) In general.—Section 103(b) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

“(4) PROFESSIONAL STADIUM BOND.—Any professional stadium bond.”.

(b) Professional stadium bond defined.—Section 103(c) of such Code is amended by adding at the end the following new paragraph:

“(3) PROFESSIONAL STADIUM BOND.—The term ‘professional stadium bond’ means any bond issued as part of an issue any proceeds of which are used to finance or refinance capital expenditures allocable to a facility (or 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.”.

(c) Effective date.—The amendments made by this section shall apply to bonds issued after the date of the enactment of this Act.