SB5661: A bill to amend the Internal Revenue Code of 1986 to provide parity in the taxation of professional sports franchises under the limitation on the deduction for certain employee renumeration, and for other purposes.
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
A bill to amend the Internal Revenue Code of 1986 to provide parity in the taxation of professional sports franchises under the limitation on the deduction for certain employee renumeration, and for other purposes.
Plain-language summary
This bill would change how the federal tax code treats professional sports team owners when they pay their executives and other highly-paid employees. Currently, companies can deduct (reduce taxable income by) up to $1 million per year in compensation per executive, with certain exceptions. The bill aims to apply this rule equally to sports franchises rather than giving them different treatment. The bill was recently introduced in Congress and has not yet been assigned to a for review.
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SB5661: A bill to amend the Internal Revenue Code of 1986 to provide parity in the taxa…