NFL on defense with tax break
By: Kelsey Snell, Politico.com
November 28, 2013 06:01 AM EST
The NFL is the most powerful brand in sports, a $9 billion-a-year behemoth that will reach upward of 50 million households on Thanksgiving Day.
But while millionaires play in stadiums built by billionaires this holiday, the NFL front offices will continue to enjoy a tax break that other multibillion-dollar corporations would die for: The league is organized as a 501(c)(6) tax-exempt organization, allowing it to avoid paying taxes on certain activities.
Critics say the break, dating to 1942, has outlived its original intent of helping trade associations build the local economy by promoting teams and filling seats at games. That was all long before the NFL became the media, sports and entertainment juggernaut it is today. It was before Peyton Manning became a $100 million man, RGIII’s jersey became the best-seller of all time and a 30-second Super Bowl ad went for $4 million.
“They’re working to promote the NFL as a brand, not some broader definition of sports or football in general,” said Philip Hackney, professor of law at Louisiana State University and a former chief tax counsel to the tax-exempt arm of the Internal Revenue Service.
(More here.)
November 28, 2013 06:01 AM EST
The NFL is the most powerful brand in sports, a $9 billion-a-year behemoth that will reach upward of 50 million households on Thanksgiving Day.
But while millionaires play in stadiums built by billionaires this holiday, the NFL front offices will continue to enjoy a tax break that other multibillion-dollar corporations would die for: The league is organized as a 501(c)(6) tax-exempt organization, allowing it to avoid paying taxes on certain activities.
Critics say the break, dating to 1942, has outlived its original intent of helping trade associations build the local economy by promoting teams and filling seats at games. That was all long before the NFL became the media, sports and entertainment juggernaut it is today. It was before Peyton Manning became a $100 million man, RGIII’s jersey became the best-seller of all time and a 30-second Super Bowl ad went for $4 million.
“They’re working to promote the NFL as a brand, not some broader definition of sports or football in general,” said Philip Hackney, professor of law at Louisiana State University and a former chief tax counsel to the tax-exempt arm of the Internal Revenue Service.
(More here.)
Powered by Blogger
0 Comments:
Post a Comment
<< Home