[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 1242 Introduced in Senate (IS)]

<DOC>






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.
                                 <all>