Summary: H.R.7988 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.7988. Bill summaries are authored by CRS.

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Introduced in House (08/07/2020)

Properly Reducing Overexemptions for Sports Act or the PRO Sports Act

This bill removes professional football leagues from the list of tax-exempt organizations. The bill also prohibits an organization or entity from being treated as tax-exempt if it (1) is a professional sports league, organization, or association, a substantial activity of which is to foster national or international professional sports competitions; and (2) has annual gross receipts in excess of $10 million.