IDEAS home Printed from https://ideas.repec.org/a/ntj/journl/v73y2020i1p157-196.html
   My bibliography  Save this article

Tax-Exempt Municipal Bonds and the Financing of Professional Sports Stadiums

Author

Listed:
  • Austin J. Drukker
  • Ted Gayer
  • Alexander K. Gold

Abstract

This paper examines the role of federal tax subsidies in the form of preferences granted for bonds that state and local governments issue to finance the construction of professional sports stadiums. We examine 57 stadiums built since 2000, 43 of which were funded, at least in part, with federal tax expenditures in the form of tax-exempt municipal bonds. We estimate that the present value subsidy to the bond issuers was $3.6 billion and the total revenue loss to the federal government was $4.3 billion. We conclude with suggested reforms to reduce or eliminate this inefficient subsidy for professional sports stadiums.

Suggested Citation

  • Austin J. Drukker & Ted Gayer & Alexander K. Gold, 2020. "Tax-Exempt Municipal Bonds and the Financing of Professional Sports Stadiums," National Tax Journal, National Tax Association;National Tax Journal, vol. 73(1), pages 157-196, March.
    • Handle: RePEc:ntj:journl:v:73:y:2020:i:1:p:157-196
    DOI: 10.17310/ntj.2020.1.05
    as

    Download full text from publisher

    File URL: https://doi.org/10.17310/ntj.2020.1.05
    Download Restriction: Access is restricted to subscribers and members of the National Tax Association.
    File URL: https://libkey.io/10.17310/ntj.2020.1.05?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Brad R. Humphreys, 2023. "Professional Sports Subsidies and Urban Congestion Externalities: Assessing 50 Years of Failed Urban Economic Development Policies," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 49(4), pages 457-474, October.
    2. Zachary T. Keeler & Heather M. Stephens & Brad R. Humphreys, 2021. "The Amenity Value of Sports Facilities: Evidence From the Staples Center in Los Angeles," Journal of Sports Economics, , vol. 22(7), pages 799-822, October.
    3. Wanyoung Lee & Yoonso Choi, 2024. "Critical Interpretation of Spatiality in Professional Korean Football Stadiums: Relph’s Theory of Placeness," Sociological Research Online, , vol. 29(1), pages 204-220, March.
    4. Imran Arif & Adam Hoffer & Brad Humphreys & Matthew Style, 2022. "New sports facilities do not drive migration between US cities," Economics of Governance, Springer, vol. 23(3), pages 195-217, December.
    5. Jakar, Gidon S. & Carr, Jeff & Rosentraub, Mark S., 2022. "A sport-anchored development district and densification: A comparative mixed effects analysis," Land Use Policy, Elsevier, vol. 121(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ntj:journl:v:73:y:2020:i:1:p:157-196. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: The University of Chicago Press (email available below). General contact details of provider: https://www.ntanet.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.