WASHINGTON, July 6 -- The House Ways & Means Committee Chairman issued the following news release:
WASHINGTON, D.C.- During a Ways and Means Committeehearing focused on federal tax policy in the growing business of sports, Republican and Democrat members took aim at the wide range of tax benefits available to sports team owners. Committee members expressed bipartisan frustration at the repeated pattern of corporate professional sports teams using tax-exempt municipal bonds and other taxpayer subsidies to relocate and/or construct billion-dollar stadiums with negligible economic benefit for local communities. The Committee's Ranking Member noted that fans are unhappy with the current state of live sports, 67 percent of whom say attendance i...