This paper examines the role of federal tax subsidies in the form of preferences granted for bonds that state and local governments issue to finance the construction of professional sports stadiums. We examine 57 stadiums built since 2000, 43 of which were funded, at least in part, with federal tax expenditures in the form of tax-exempt municipal bonds. We estimate that the present value subsidy to the bond issuers was $3.6 billion and the total revenue loss to the federal government was $4.3 billion. We conclude with suggested reforms to reduce or eliminate this inefficient subsidy for professional sports stadiums.

中文翻译：

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免税市政债券和专业体育馆的融资

本文以授予州和地方政府为专业体育馆建设融资所发行债券的优惠形式，考察了联邦税收补贴的作用。我们检查了自2000年以来建造的57个体育场，其中43个体育场至少部分由联邦政府以免税市政债券形式的税收支出资助。我们估计对债券发行人的现值补贴为36亿美元，对联邦政府的总收入损失为43亿美元。我们以建议的改革结束，以减少或消除对专业运动场馆的低效率补贴。