A recently introduced Senate bill would prohibit the use of taxpayer funds to construct sports stadiums for professional teams.
Senators Cory Booker, D-N.J., and James Lankford, R-Okla., are sponsoring the bill that would stop teams from using municipal bonds on stadium projects. Municipal bond interest is exempt from federal taxes.
A report by the Brookings Institution found that $3.2 billion in federal taxpayer money, through municipal bonds, has been used to fund 36 newly built or renovated sports stadiums since 2000. “Professional sports teams generate billions of dollars in revenue,” Booker said in a news release. “There's no reason why we should give these multimillion-dollar businesses a federal tax break to build new stadiums.”
A similar bill was introduced by Rep. Steve Russell, R-Okla., in the House of Representatives in March 2016.
Related Stories
Codes and Standards | Jan 4, 2022
Architects at New York firm take steps to unionize
Support for unionization reported at two other New York firms.
Codes and Standards | Jan 3, 2022
Biden’s executive order for a carbon-neutral government includes green materials mandate
As a driver of demand, federal procurement impact could ripple through the economy.
Codes and Standards | Jan 3, 2022
Controversial California solar power incentive proposal would reduce subsidies
Plan intended to encourage customers to install power storage systems.
Codes and Standards | Jan 3, 2022
New York City bans new gas hookups
Applies to gas stoves, boilers, and heaters in new buildings and buildings that undergo gut renovations.
Codes and Standards | Jan 3, 2022
New engineering guide on fire safety for very tall buildings released
Topics include emergency egress, fire resistance, building envelope, suppression, detection, alarms, and smoke control.
Codes and Standards | Dec 22, 2021
Updated ASCE 7-22 standard includes first-ever criteria for tornado-resistant design
New document provides up-to-date, coordinated loading provisions for general structural design.
Codes and Standards | Dec 21, 2021
Outdated and redundant building codes plague St. Louis area development
Region’s combined codes nearly double the length of the IRS Code.
Digital Twin | Dec 20, 2021
Groups ally to advance augmented reality and digital twin technology
AREA and Digital Twin Consortium to work on improving how technology components interoperate.
Codes and Standards | Dec 20, 2021
Tension rises in California over state’s push to build more housing
Attorney general hints at lawsuits against cities that don’t comply with zoning reform.
Codes and Standards | Dec 17, 2021
Tension rises in California over state’s push to build more housing
Attorney general hints at lawsuits against cities that don’t comply with zoning reform.