How HR 993 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

This bill amends the Internal Revenue Code to ensure bonds used to finance professional stadiums are not considered tax-exempt.

• 26 U.S.C. 103(b)

  (4) Professional stadium bond.--Any professional stadium bond.

  This addition explicitly states that bonds used to finance professional stadiums are not tax-exempt.

• 26 U.S.C. 103(c)

  (3) Professional stadium bond.--The term `professional stadium bond' means any bond issued as part of an issue any proceeds of which are used to finance or refinance capital expenditures allocable to a facility (or appurtenant real property) which, during at least 5 days during any calendar year, is used as a stadium or arena for professional sports exhibitions, games, or training.

  This definition clarifies what constitutes a 'professional stadium bond'.