Pro-Sports Stadium Munis Would Lose Tax Exemption in House Bill – Bloomberg Tax

Democratic Congress members Don Beyer, Earl Blumenauer and Jackie Speier have introduced a bill that would end the tax-exempt status for new sales of municipal bonds that finance professional sports stadiums.

The legislation, proposed this month and called the “No Tax Subsidies for Stadiums Act of 2022,” says that any bonds sold to finance or refinance capital expenditures for a facility that’s used for professional sports games or practices wouldn’t be eligible for tax-exemption, a key feature of most municipal bond sales.

Stadium bonds are a controversial corner of the $4 trillion municipal market, where states and …