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II
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 Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. NO TAX-EXEMPT BONDS FOR PROFESSIONAL
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STADIUMS.
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(a) IN GENERAL.—Section 103(b) of the Internal
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Revenue Code of 1986 is amended by adding at the end
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the following new paragraph:
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‘‘(4) PROFESSIONAL STADIUM BOND.—Any pro-
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fessional stadium bond.’’.
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•S 1242 IS
(b) PROFESSIONAL STADIUM BOND DEFINED.—Sec-
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tion 103(c) of such Code is amended by adding at the end
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the following new paragraph:
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‘‘(3) PROFESSIONAL
STADIUM
BOND.—The
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term ‘professional stadium bond’ means any bond
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issued as part of an issue any proceeds of which are
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used to finance or refinance capital expenditures al-
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locable to a facility (or appurtenant real property)
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which, during at least 5 days during any calendar
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year, is used as a stadium or arena for professional
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sports exhibitions, games, or training.’’.
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(c) EFFECTIVE DATE.—The amendments made by
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this section shall apply to bonds issued after the date of
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the enactment of this Act.
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