Introducing the PRO Sports Act
by Blake Farenthold on October 4, 2017 at 6:51 PM
Last week, after a caller to a radio program I was on suggested it, I reintroduced the Properly Reducing Overexemptions For Sports Act or PRO Sports Act. This legislation would exclude major professional sports leagues from qualifying as tax-exempt organizations. This bill continues the work of recently retired Congressman Jason Chaffetz.
Currently, the National Football League (NFL), National Hockey League (NHL), PGA Tour and Ladies Professional Golf Association (LPGA) are registered with the Internal Revenue Service as nonprofit organizations. These organizations together generate more than $1 billion in annual revenue and have been exploiting loopholes to game the system. It’s time we blow the whistle on this foul, and get this bill over the goal line. To read the full text of the bill, click here.