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16.Jun.08
The question of whether taxpayers money should be used to assist in the financing of professional sports venues will be brought under the spotlight by a Congressional Subcommittee examining the New York Yankee’s request for $350m more of public funds.

New Yankee Stadium

Dennis Kucinich, D-Ohio, is asking whether the Internal Revenue Service can change its regulations and allow stadium projects such as the new Yankee Stadium to receive public-backed financing that comes with tax breaks.

Other pro teams could benefit if the IRS agrees with the New York City Industrial Development Agency and alters its policy against stadium funding.

The Yankees want additional public support from the city’s industrial development agency to be added to the $941 million in tax-exempt public bonds the organization already has issued for the $1.3 billion stadium.

“There is national interest in whether sports facilities should be funded by taxpayers,” said New York Assemblyman Richard Brodsky, a Westchester County Democrat.

Brodsky has been critical of public authorities that issue millions of dollars in financing and tax breaks.

“It’s government by Soviet-style bureaucracy,” Brodsky said Saturday.

Source & Full Article: Seattle Times

See also:
New Yankee Stadium on sportingsights.com
NY Yankees official website