CHAIRMAN SMITH OPENING STATEMENT AT HEARING ON THE GROWING BUSINESS OF SPORTS: TAX INCENTIVES PUSH PRO SPORTS TEAMS TO PRIORITIZE PROFITS AT EXPENSE OF COMMUNITIES, FANS

WASHINGTON, June 30 -- The House Ways & Means Committee Chairman issued the following news release:

WASHINGTON, D.C. - Ways and Means Committee Chairman Jason Smith (MO-08) delivered the following opening statement at a hearing on the Growing Business of Sports: Reviewing Federal Tax Policy in the Multibillion-Dollar Industry.

As prepared for delivery.

"Today's hearing continues a long-running effort by the Ways and Means Committee of aggressive oversight over our nation's tax code, and an area that demands our attention is the $2.5 trillion global sports industry.

"From college athletics to professional leagues, sports organizations benefit from a range of favorable tax treatments - including tax exemptions and taxpayer-funded subsidie...