Coburn: New bill targets tax breaks given to NFL, NHL to make them ‘non-profits’
WASHINGTON (CNN) - According to a recent interview he did with CNN, an Oklahoma senator says a new bill he introduced will target the NFL and a major tax break.
Sen. Tom Coburn has introduced the “Pro Sports Act” and he says it will get rid of a $10 million loophole that benefits major professional sports leagues, like the NFL.
Coburn says the law currently allows several professional sports leagues to qualify as non-profit organizations.
On CNN’s “New Day,” Coburn said, “The tax code specifically says in terms of trade associations you can’t promote any brands. And they promote all the brands within the NFL only. So, you know, this is a directed tax cut that when benefited to the league office, which means every other American pays a little bit more every year because we give the NFL league office a tax break and call them a non-profit. Which, in fact, they’re not.”
Other organizations that the bill will affect include the NHL, the PGA, the National Hot Rod Association and the Professional Rodeo Cowboys Association.