Spiritguy
04-29-2015, 09:06 PM
The tax exempt status for the most profitable sports league has generated a lot of controversy, but the move to cancel that is largely symbolic. While the league is tax-exempt, the $1 billion or so it makes a year is distributed to the 32 teams, all of which do pay taxes.
"The owners have decided to eliminate the distraction associated with misunderstanding of the league office's status, so the league office will in the future file returns as a taxable entity," said Robert McNair, chairman of the league finance committee and owner of the Houston Texans.
The league saved only about $10 million a year from the tax break, according to the Citizens for Tax Justice. That's a rounding error for an enterprise the size of the NFL.
http://money.cnn.com/2015/04/28/news/companies/nfl-tax-exempt-status/
"The owners have decided to eliminate the distraction associated with misunderstanding of the league office's status, so the league office will in the future file returns as a taxable entity," said Robert McNair, chairman of the league finance committee and owner of the Houston Texans.
The league saved only about $10 million a year from the tax break, according to the Citizens for Tax Justice. That's a rounding error for an enterprise the size of the NFL.
http://money.cnn.com/2015/04/28/news/companies/nfl-tax-exempt-status/