Top Ad
I DIG Radio
www.idigradio.com
Listen live to the best music from around the world!
I DIG Style
www.idigstyle.com
Learn about the latest fashion styles and more...

Senator introduces bills to revoke PGA Tour's tax-exempt status

Written by 
Published in Golf
Thursday, 27 July 2023 03:44

Two weeks after a Senate committee questioned PGA Tour officials about the circuits framework agreement with the Public Investment Fund of Saudi Arabia, a lawmaker has moved to revoke the Tours tax-exempt status.

Senator Ron Wyden (D-Ore.), the chair of the Senates finance committee, introduced two bills Wednesday, the Sports League Tax-Exempt Status Limitation Act and the Ending Tax Breaks for Massive Sovereign Wealth Funds Act.

An organization that betrays its own word and agrees to become a profit generator for Saudi Arabias brutal regime has disqualified itself for a tax exemption, Wyden said.

A wide-ranging PGA Tour memo addressed player compensation, a "discipline" team and rejected the USGA/R&A's proposed local model rule.

At issue is the Tours tax-exempt status as a 501(c)(6) organization and how that status would change if the framework agreement becomes definitive and creates a for-profit entity with the Tour, PIF and LIV Golf.

The Sports League Tax-Exempt Status Limitation Act would adjust the current tax code to exclude sports organizations with assets exceeding $500 million and the Ending Tax Breaks for Massive Sovereign Wealth Funds Act would deny that benefit to funds belonging to countries that have more than $100 billion invested globally.

Most of Americas big pro sports leagues gave up their tax exemptions voluntarily when their revenues climbed into the stratosphere, and they hadnt even shamed themselves with Saudi blood money. An organization that betrays its own word and agrees to become a profit generator for Saudi Arabias brutal regime has disqualified itself for a tax exemption, Wyden said. Many of the biggest sovereign wealth funds out there belong to countries that do not have our interests at heart, and theres no good reason for hardworking American taxpayers to have to subsidize their huge profits.

Major League Baseball and the NFL voluntarily gave up their tax exemptions in 2007 and 2015, respectively.

A request for comment from the Tour was not immediately returned.

Read 274 times

Soccer

FIFA donates $50m for Qatar World Cup legacy

FIFA donates $50m for Qatar World Cup legacy

EmailPrintOpen Extended ReactionsFIFA launched a $50 million legacy fund for social programmes on We...

Guardiola sorry for self-harm remark after draw

Guardiola sorry for self-harm remark after draw

EmailPrintManchester City boss Pep Guardiola has apologised for suggesting he wanted to hurt himself...

Guardiola's new Man City deal means nothing if stars don't sign extensions, too

Guardiola's new Man City deal means nothing if stars don't sign extensions, too

EmailPrintOpen Extended ReactionsManchester City did the easy part by having manager Pep Guardiola s...

2026 FIFA


2028 LOS ANGELES OLYMPIC

UEFA

2024 PARIS OLYMPIC


Basketball

KD, Beal return as Suns' big 3 leads rout of Lakers

KD, Beal return as Suns' big 3 leads rout of Lakers

EmailPrintOpen Extended ReactionsPHOENIX -- Bradley Beal and Kevin Durant each scored 23 points and...

Giannis out vs. Heat due to pregame knee issue

Giannis out vs. Heat due to pregame knee issue

EmailPrintOpen Extended ReactionsMIAMI -- Milwaukee Bucks star Giannis Antetokounmpo is out for Tues...

Baseball

Champion Dodgers adding Snell, sources say

Champion Dodgers adding Snell, sources say

EmailPrintOpen Extended ReactionsFree agent left-hander Blake Snell and the Los Angeles Dodgers have...

Dodgers split $46M from record MLB playoff pool

Dodgers split $46M from record MLB playoff pool

EmailPrintOpen Extended ReactionsNEW YORK -- A full postseason share for the World Series champion L...

Sports Leagues

  • FIFA

    Fédération Internationale de Football Association
  • NBA

    National Basketball Association
  • ATP

    Association of Tennis Professionals
  • MLB

    Major League Baseball
  • ITTF

    International Table Tennis Federation
  • NFL

    Nactional Football Leagues
  • FISB

    Federation Internationale de Speedball

About Us

I Dig® is a leading global brand that makes it more enjoyable to surf the internet, conduct transactions and access, share, and create information.  Today I Dig® attracts millions of users every month.r

 

Phone: (800) 737. 6040
Fax: (800) 825 5558
Website: www.idig.com
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Affiliated