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PILOTs and Public Policy: Steering through the Economic Ramifications

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Author Info

  • Brad R. Humphreys

    ()
    (Department of Economics, University of Alberta)

  • Victor Matheson

    ()
    (Department of Economics, College of the Holy Cross)

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.

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File URL: http://college.holycross.edu/RePEc/hcx/Matheson-Humphreys_PILOTS.pdf
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Bibliographic Info

Paper provided by College of the Holy Cross, Department of Economics in its series Working Papers with number 0817.

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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.
Handle: RePEc:hcx:wpaper:0817

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Keywords: sports; stadiums; tax subsidies; economic impact;

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  1. Rodney Fort, 2004. "Inelastic sports pricing," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 25(2), pages 87-94.
  2. 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.
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