New Proposed Law Could Have Massive Impact On Bills Stadium
As the debate continues on a new proposed Buffalo Bills stadium and who is going to end up paying for it, a new proposed bill by congress could have a massive impact on the proposed stadium.
Early this week, three U.S. Representatives introduced a bill that would immediately eliminate a tax subsidy used by professional teams when constructing stadiums.
According to Pro Football Talk, this bill would eliminate the tax-exempt status of municipal bonds, which are used to finance professional stadiums.
Congressman Dan Beyer (D-Va) said that owners don't need public money to build new stadiums.
“Super-rich sports team owners like Dan Snyder do not need federal support to build their stadiums, and taxpayers should not be forced to fund them,” Beyer said in a statement. “Billionaire owners who need cash can borrow from the market like any other business.”
The Bill is called "No Tax Subsidies for Stadiums Act." and was inspired by the investigation into sexual harassment allegations at the Washington Commanders football team.
Since 2000 there have been 43 stadiums built across the county and based on a report from the National Tax Journal the US government lost around $4.3 billion dollars in revenue because of tax-exempt municipal bonds.
If the bill does get passed, it could have a major impact on the proposed Bills stadium. Currently, Terry and Kim Pegula, owners of the Buffalo Bills are looking for public tax money to finance the majority of the costs of building a new stadium.
Current estimates for building a new stadium are over $1 billion dollars. The Pegulas are hoping to have a stadium deal done with New York State by the end of March with stadium construction done by 2027.