In all of last year’s retrospectives on the legislative career of Sen.Daniel P. Moynihan, there was one policy area that was overlooked — sports. Few realize that he was the author of the leading legislation to eliminate federal tax subsidies for new professional sports facilities.
Moynihan’s legislation — the Stop Tax Exempt Arena Debt Issuance Act, or STADIA ( leave it to the former professor to use the Latin plural) — should have been a slam dunk. But since he retired before getting his bill across the goal line, his successor should pick up the ball.
The legislation would save hundreds of millions of tax dollars and put a stop to the phenomenon of Americans having to subsidize stadiums built outside their communities. If states and localities want to mortgage their future, that is their right, but why should the rest of the nation have to chip in on the annual payments?
To mix another sports metaphor, it has not gotten beyond 1st base. That’s because few politicians in Washington are willing to play any defense against the sports industry.
Moynihan’s status as the leading Senate opponent of sports corporate welfare, is an honor akin to being the best player on the 1962 New York Mets. The bill’s sponsor in the House, Rep. Barney Frank (D-Mass.), intends to reintroduce it in this session, but needs a new Senate partner. By teaming up with Frank, Sen. Hillary Rodham Clinton could put the legislation back into play.
With costly renovations of Yankee and Shea stadiums, as well as Fenway Park, on the horizon, there would be great geographic symmetry to a Clinton-Frank team. All three facilities will likely look to tap the federal treasury by raising money through tax-exempt bonds. This bill would prohibit states and localities from issuing federally tax-exempt bonds to finance more than 5% of the cost of a pro sports arena.
Of course, baseball has not been bery bery good to Clinton politically. But reducing the amount of taxpayer funding for pro sports stadiums should a political winner, as it may be the only thing related to baseball on which Yankee and Met fans agree.
New Yorkers don’t want to subsidize the new Fenway Park any more than Sox fans want to help pay for the homes of their archrival and the team that beat them in the 1986 World Series. And residents of the rest of the country - fans and nonfans alike - should not have to help pay for any of them.
Clinton could make the first pitch in that direction. By taking the lead on Moynihan’s stadium legislation, Clinton could save taxpayers hundreds of millions of dollars and help fill her predecessor’s big senatorial cleats.
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