PILOTs and Public Policy: Steering through the Economic Ramifications
AbstractA 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.
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Bibliographic InfoPaper provided by College of the Holy Cross, Department of Economics in its series Working Papers with number 0817.
Length: 17 pages
Date of creation: Dec 2008
Date of revision:
Publication status: Published in Villanova Sports and Entertainment Law Journal, Vol. 16:2, Summer 2009, 273-289.
Contact details of provider:
Fax: (508) 793-3708
Web page: http://www.holycross.edu/departments/economics/website/
More information through EDIRC
sports; stadiums; tax subsidies; economic impact;
Other versions of this item:
- Brad R. Humphreys & Victor Matheson, 2008. "PILOTs and Public Policy: Steering through the Economic Ramifications," Working Papers 0832, International Association of Sports Economists & North American Association of Sports Economists.
- O18 - Economic Development, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
- R53 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Public Facility Location Analysis; Public Investment and Capital Stock
- L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
- H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
- H42 - Public Economics - - Publicly Provided Goods - - - Publicly Provided Private Goods
- H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-01-24 (All new papers)
- NEP-PBE-2009-01-24 (Public Economics)
- NEP-SPO-2009-01-24 (Sports & Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Rodney Fort, 2004. "Inelastic sports pricing," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 25(2), pages 87-94.
- Dennis Coates & Brad R. Humphreys, 2008.
"Do Economists Reach a Conclusion on Subsidies for Sports Franchises, Stadiums, and Mega-Events?,"
Econ Journal Watch,
Econ Journal Watch, vol. 5(3), pages 294-315, September.
- Dennis Coates & Brad R. Humphreys, 2008. "Do Economists Reach a Conclusion on Subsidies for Sports Franchises, Stadiums, and Mega-Events?," Working Papers 0818, International Association of Sports Economists & North American Association of Sports Economists.
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