GOP Tax Bill Slashes Write-Offs for Sports Franchise Owners

Sports franchise owners would be limited in how much they can deduct from their taxes under the proposed GOP tax bill. The House Ways and Means Committee released on May 12 its portion for the reconciliation bill that congressional Republicans look to pass to enact major parts of President Donald Trump’s agenda. Currently, sports owners can deduct from their taxes over a 15-year period most of the cost of purchasing their team. However, under the proposed tax bill, they would be able to deduct only 50 percent of the cost of that acquisition. A franchise, according to the text, is one associated with “professional football, basketball, baseball, hockey, soccer, or professional sport.”...