S.Amdt. 1592

SA 1592. Mr. LANKFORD submitted an amendment intended to be proposed
by him to the bill H.R. 1, to provide for reconciliation pursuant to
titles II and V of the concurrent resolution on the budget for fiscal
year 2018; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. __. ELIMINATING FEDERAL TAX SUBSIDIZATION OF
PROFESSIONAL SPORTS STADIUMS.

(a) Treatment of Certain Obligations Financing Professional
Sports Stadiums as Private Activity Bonds.--Section 141(b) is
amended by adding at the end the following new paragraph:
``(10) Special rule for professional sports stadiums.--
``(A) In general.--In the case of any issue any proceeds of
which are to be used to provide a professional sports
stadium, such issue shall be treated as meeting the private
security or payment test of paragraph (2).
``(B) Professional sports stadium.--For purposes of this
paragraph, the term `professional sports stadium' means any
facility (and appurtenant real property) which, during at
least 5 days during any calendar year, is used as a stadium
or arena for professional sports exhibitions, games, or
training.''.
(b) Effective Date.--The amendments made by this section
shall apply to obligations issued after the date of the
enactment of this Act.
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