PILOTs and Public Policy: Steering through the Economic Ramifications

Brad Humphreys and Victor Matheson

No 832, Working Papers from International Association of Sports Economists, North American Association of Sports Economists

Abstract: 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: H25 H42 H81 L83 O18 R53 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2008-12
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Working Paper: PILOTs and Public Policy: Steering through the Economic Ramifications (2008)
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