Owners of professional sports teams would only be able to write off half of the declining value of the franchises they purchase under Republicans’ tax bill, making good on President Donald Trump’s pledge to target “special tax breaks” for a corner of the billionaire class.
The National Football League surged its lobbying since Trump, a onetime owner of a NFL competitor team himself, took office on a pledge to end its “massive tax breaks.”
Tax writers nevertheless are seeking to amend tax code Section 197 to limit the amortization of intangible assets of franchises like football, basketball, baseball, hockey, and soccer to “50% of the adjusted basis.”
The legislation is set for a mark up in the House Ways and Means Committee Tuesday. The full House and Senate would have to agree to the language before it can make its way to Trump’s desk.
Owners of professional sports teams would only be able to write off half of the declining value of the franchises they purchase under Republicans’ tax bill.@Zachary_Cohen breaks down these owners’ lobbying efforts:https://t.co/ybsFd7j39m pic.twitter.com/OK6FciTfyJ
— Bloomberg Tax (@tax) May 13, 2025
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