A bill to amend the Internal Revenue Code of 1954 to deny certain tax benefits in the case of certain moves of sports franchises.

Summary

Sets forth the congressional findings with respect to professional sports franchises and the local communities in which they are located. States that the purpose of this Act is to discourage the unnecessary and inappropriate relocation of any professional sports franchise which is receiving adequate support from the people in the community in which such franchise operates, and to provide stability of the location of professional sports franchises. Amends the Internal Revenue Code to prohibit the depreciation of any player contract held in connection with a sports team subject to a prohibited move. Denies the tax exemption of interest on stadium bonds which are issued as part of an issue all or a significant part of the proceeds of which were (or are to be) used to finance facilities at the home stadium of a sports team involved in a prohibited move after such move. Defines "prohibited move".

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Documents

1 official file

• Introduced in House

  summary · EN · 26 July 1985

  Open at official source

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