US sports team owners will only be able to write off half of the value of their franchises under a new Republican tax bill, as part of President Donald Trump’s pledge to target “special tax breaks” for billionaires.
The National Football League has increased its lobbying efforts since Trump took office, vowing to end what it calls “massive tax breaks” for sports teams. However, tax writers are now seeking to limit the amortization of intangible assets, such as franchise values, to 50% of their adjusted basis in the tax code.
The bill is set to be marked up by the House Ways and Means Committee on Tuesday, with further approval required from both the full House and Senate before it reaches Trump’s desk.
Source: https://news.bloombergtax.com/daily-tax-report/sports-team-owners-write-off-halved-in-republicans-tax-bill