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.