Rep. Jason Chaffetz wants to strip the National Football League and the National Hockey League of their tax-exempt status.
The Utah Republican introduced legislation Wednesday that would end tax exemption for professional sports leagues, specifically the NFL and NHL.
“Professional sports organizations aren’t fooling anybody. Organizations like the NFL and NHL are for-profit businesses making millions of dollars each year. These are not charities nor are they traditional trade organizations. They are for-profit businesses and should be taxed as such,” Chaffetz said in a press release. “Closing this loophole should be combined with closing several other loopholes in order to lower tax rates in a revenue-neutral manner."
The loophole would specifically eliminate the exemption for professional sports organizations with annual revenues over $10 million. The NFL and NHL are both considered “a trade association of manufacturers” — like the U.S. Chamber of Commerce — in the current tax code, making their respective league offices tax-exempt.Read more on WashingtonExaminer.com