Welcome Guest [Log In] [Register]
Welcome to the China Property Forum, a finance and economics discussion forum focused on Chinese and global housing markets. Please register here or log in below.

Username:   Password:
Add Reply
ny universities use to entice
Topic Started: 26 Apr 2018, 11:24 AM (20 Views)
panxing18
No Avatar


WASHINGTON (AP) The Oakland Raiders decided to move to Las Vegas largely because Clark County Eric Wood Jersey , Nevada, agreed to finance a new stadium with $750 million in tax-exempt bonds. Now, that tax exemption could be going away, leaving the county on the hook for even more money.

The GOP tax reform bill released last week would bar state and local governments from issuing tax-exempt bonds for stadium construction, a common feature of stadium deals over the past two decades. It’s one of a few reforms in the bill that would affect the world of sports.

Getting rid of stadium subsidies has long been a popular talking point in Washington, and it’s not a partisan issue, either. Former president Barack Obama’s 2015 budget sought to do away with the tax exemption for stadium bonds. President Donald Trump asked in a tweet last month why the NFL was getting ”massive tax breaks” amid the controversy over players kneeling during the national anthem.
Article continues below ...
”Change tax law!” Trump tweeted. And Congress apparently listened.

”It’s good policy,” said Ted Gayer, a senior fellow at the Brookings Institution and the lead author of a study on stadium subsidies. ”It’s always been kind of a no-brainer politically and, I think, economically.”

The Brookings study Colton Schmidt Jersey , released last year, found that the federal government subsidized stadium construction to the tune of $3.2 billion since 2000. During that stretch, 36 stadiums were built or renovated in part with tax-exempt bonds. The Raiders’ stadium would get a $120 million tax break if the law isn’t changed, according to the Brookings analysis.

Sen. James Lankford, an Oklahoma Republican, and Sen. Cory Booker, a New Jersey Democrat, cited those figures when they introduced a bill earlier this year to end the subsidies. Rep. Steve Russell, an Oklahoma Republican, introduced a similar bill in the House.

”Using billions of taxpayer dollars for the subsidization of private stadiums when we have real infrastructure needs in our country is not a good way to prioritize a limited amount of funds,” Lankford said. ”Tax reform could be a unique opportunity to enact this into law. I’m pleased this idea is gaining momentum.”

The NFL argues that communities benefit from stadiums because they create jobs and spur economic development Cordy Glenn Jersey , but many economists say cities never recoup their investments and that the financing deals amount to handouts for wealthy team owners. A new stadium can cause the value of a professional franchise to skyrocket.

”We’ve always believed the construction of new stadiums and renovations of existing stadiums are economic drivers in local communities,” NFL spokesman Brian McCarthy said. ”If the idea is to promote economic growth, this would be a step backwards.”

Getting rid of the tax exemption would have a negligible impact on federal revenue, bringing in $200 million over 10 years, according to the bill.

Rep. Dina Titus, a Nevada Democrat and a proponent of the stadium deal, said the bill would harm her district, which includes Las Vegas.

”Eliminating the tax exemption for stadiums could cost Clark County more money to build projects that are already underway,” Titus said in a statement. ”This is an attack on local governments that will take money away from our communities and hamper infrastructure nationwide.”

The elimination of a tool that NFL owners use to defer the costs of new stadiums could be seen as an irony given many owners’ support for Trump, who is pinning his hopes on the tax-reform package as he seeks a major legislative accomplishment. Redskins owner Dan Snyder was one of several owners who donated $1 million to Trump’s inaugural committee, and he’s looking for a site to build a new stadium. A Redskins spokesman did not respond to requests for comment.

Even if the bill becomes law Jerry Hughes Jersey , teams will still find ways to build stadiums with public money, Gayer said.

”The overwhelming amount of the subsidy comes at the local level, not at the federal level,” he said. ”What’s driving that is, if you’re Las Vegas and you want a team, you can’t just create a football team. You have to entice a team. There’s a fixed supply … and that creates these bidding wars.”



IMPACT ON COLLEGES

The bill would also get rid of a tax deduction that many universities use to entice donors to buy season tickets, and it would levy a new 20 percent tax on salaries of public university employees who make more than $1 million – many of whom are football and basketball coaches.

Many schools require donors to give thousands of dollars to a booster fund in exchange for the right to purchase tickets. Eighty percent of the amount donated is tax-deductible, and the schools tout the tax benefits as an enticement to give.

Getting rid of the deduction will harm athletic departments that use the contributions to fund sports that don’t generate revenue, said Liz Clark, director of federal affairs at the National Association of College and University Business Officers.

”We do know that for some athletic programs, that this can be a critical source of revenue Preston Brown Jersey ,” Clark said. ”Eliminating this deduction will hurt the revenue stream and will make it harder for those programs to meet expenses.”

Duke University, for example, requires donations of at least $4,000 per seat for the right to buy coveted men’s basketball season tickets at Cameron Indoor Stadium. Michael Schoenfeld, vice president of public affairs and government relations at Duke, said getting rid of the deductio.
Offline View Profile "REPLY" Go to top
 
1 user reading this topic (1 Guest and 0 Anonymous)
« Previous Topic · Advertising and Promotion · Next Topic »
Add Reply



The China Property Forum is an economics and finance forum dedicated to discussion of Chinese and global real estate markets, including China house prices, global house prices, housing affordability, and the likelihood of a global house price crash or China house price crash. Is there a Chinese housing bubble? Will house prices crash, boom or stagnate? Is it better to buy using a home loan, or rent and save the difference? How might a credit crunch or peak debt environment impact Chinese property prices? Is the Chinese property market a pyramid scheme or Ponzi scheme? Can house prices rise forever as people bet on future gains, refinance their mortgage and borrow against equity, or can we find a more sustainable long term approach to managing the Chinese housing market? These are the type of questions we hope to address here, at the China Property Forum, the premier real estate site for property bears, bulls, investors, and speculators! Whether you're a Property Investor, First Home Buyer (FHB) or you're a happily renting tenant, this forum has something for everyone. The forum includes a blog feature, so members may create their own property blog.

China Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. China Property Forum is not a provider of financial advice. China Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. Posts on China Property Forum may contain links to other websites operated by third parties. These websites are not under the control of China Property Forum and CPF management is not responsible for their content.

It is not permitted for any China Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. China Property Forum members are solely responsible for the accuracy and authenticity of their posts, including any alterations made to posts. It is not permitted for China Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.

Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.

This site may contain copyright material the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.

For more information go to Limitations on Exclusive Rights: Fair Use

Privacy Policy: China Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to China Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ

China Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy