Sec. 2. Elimination of specific exemption for professional football leagues; special rules relating to professional sports leagues
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Paragraph
(6)of section 501(c) of the Internal Revenue Code of 1986 is amended— by striking , or professional football leagues (whether or not administering a pension fund for football players) , and by inserting or after real-estate boards, . Section 501 of the Internal Revenue Code of 1986 is amended— by redesignating subsection
(s)as subsection (t), and by inserting after subsection
(r)the following new subsection: No organization or entity shall be treated as described in subsection (c)(6) if such organization or entity— is a professional sports league, organization, or association, a substantial activity of which is to foster national or international professional sports competitions (including by managing league business affairs, officiating or providing referees, coordinating schedules, managing sponsorships or broadcast sales, operating loan programs for competition facilities, or overseeing player conduct), and has annual gross receipts in excess of $10,000,000. . The amendments made by this section shall apply to taxable years beginning after December 31, 2014.