Barely a day after the PGA Tour shocked the world by announcing it would be joining a for-profit venture with the Saudi-backed LIV Golf—a Congressional bill has been introduced to strip the tour of its tax-exempt status.
Rep. John Garamendi (D-Calif.), the third-ranking minority member on the House Armed Services Committee, proposed the “No Corporate Tax Exemption for Professional Sports Act,” which would end the PGA Tour’s ability to file as an IRS 501-C organization, as it has done for decades. Congress tees up a new bill to STRIP the PGA’s tax exempt status.
Barely a day after the PGA Tour shocked the world by announcing it would be joining a for-profit venture with the Saudi-backed LIV Golf—a Congressional bill has been introduced to strip the tour of its tax-exempt status.
Rep. John Garamendi (D-Calif.), the third-ranking minority member on the House Armed Services Committee, proposed the “No Corporate Tax Exemption for Professional Sports Act,” which would end the PGA Tour’s ability to file as an IRS 501-C organization, as it has done for decades. The PGA Tour is one of the last major American pro sports organizations to continue operating as a federal nonprofit, after the NFL voluntarily converted to for-profit status in 2015.
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