PILOTs and Public Policy: Steering through the Economic Ramifications
Brad Humphreys and
Victor Matheson ()
No 817, Working Papers from College of the Holy Cross, Department of Economics
A recent IRS ruling has allowed the new Yankees Stadium construction project to be financed by a tax exempt bond offering backed by payments in lieu of taxes (PILOTS). This decision appears to contradict the spirit of the Tax Reform Act of 1986. From an economic standpoint, the question is whether it is desirable to significantly expand the number of projects eligible for tax subsidies in exchange for a more direct connection between those receiving benefits from the projects and those paying the taxes, or should the state and municipal bond tax exemption narrowly extend only to true public works even if this means taxing the populace more broadly when certain segments of the population are more apt to benefit from certain projects.
Keywords: sports; stadiums; tax subsidies; economic impact (search for similar items in EconPapers)
JEL-codes: O18 R53 L83 H25 H42 H81 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-pbe and nep-spo
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Published in Villanova Sports and Entertainment Law Journal, Vol. 16:2, Summer 2009, 273-289.
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Persistent link: https://EconPapers.repec.org/RePEc:hcx:wpaper:0817
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