S.1529 - Team Relocation Taxpayer Protection Act of 1996104th Congress (1995-1996)
|Sponsor:||Sen. DeWine, Mike [R-OH] (Introduced 01/26/1996)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 01/26/1996 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.1529 — 104th Congress (1995-1996)All Information (Except Text)
Introduced in Senate (01/26/1996)
Team Relocation Taxpayer Protection Act of 1996 - Prohibits specified entities or persons (entities) from benefiting from any expenditure of Federal funds or from being allowed any Federal tax exclusion, deduction, credit, exemption, or allowance in connection with the relocation of a National Football League (NFL) franchise of such entity. Specifies that the interest paid or accrued on any bond from which proceeds are used or to be used to provide facilities for any such entity shall not be exempt from Federal tax.
Makes such provision applicable: (1) to any entity that has conducted regular season home football games through ownership of a franchise in the NFL in facilities which are owned by a State or local government or financed by a Federal, State, or local governmental unit, has publicly announced that it intends to conduct such football games outside such facilities before the expiration of the period during which such governmental unit has authorized the entity to use such facilities, has publicly announced that it intends to conduct such football games in facilities to be owned by a State or local government or to be financed by a Federal, State, or local governmental unit; (2) if in the NFL season preceding the announcement of the entity's intention to relocate, attendance at the regular season home football games of such entity averaged at least 75 percent of normal capacity as previously published by the NFL with respect to such season; and (3) if within one year before or after such announcement, an election or referendum has been held by the State or local government and the voters have approved a tax increase or extension of a tax, or have failed to repeal any such increase or extension, intended to be used as part of the financing for improved facilities or new facilities for such football games of such entity.
Sets forth provisions regarding: (1) preemption (no preemption of State or local actions); (2) who constitutes a "related person" for tax purposes; and (3) bankruptcy venue.