Senators try to sack NFL’s non-profit status

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WASHINGTON, D.C. – When you think of the NFL, what comes to mind?

Big guys…big hits…and even bigger bucks.

The Houston Texans are valued at $1.2 billion, and generate $50 million a year.

The Denver Broncos are worth a little over $1 billion.

Their star quarterback raked in $18 million in 2013.

It’s a collection of multi-millionaires and billionaires.

But, did you know the NFL qualifies as a non-profit organization?

If a Republican Senator gets his way, NFL could mean ‘Not-For-Long.’

Senator Tom Coburn of Oklahoma has introduced a bill called ‘The Properly Reducing Overexemptions for Sports Act’ (PRO Sports Act).

Maine Independent Senator Angus King is co-sponsoring it.

The Senators say it will sack a $10 million tax loophole that benefits major pro sports leagues like the NFL.

“This is a directed tax cut that when benefited to the league office, which means every other American pays a little bit more every year because we give the NFL league office a tax break and call them a non-profit. Which, in fact, they’re not,” said Senator Coburn.

If the bill passes, the NFL won’t be the only sport to take a hit.

The National Hockey League would also lose its non-profit status.

A change like that could generate a lot more than chump change.

Senator Coburn estimates it would generate a combined $91 million of federal revenue every year.