Public Subsidies for Private Purposes
The last day of 1990 was an important date for sports franchises. It had nothing to do with opening day, a national championship, or a players’ draft, but for several cities it appeared to determine whether they would be able to retain or to attract a major-league sports team. December 31, 1990 marked the expiration of a provision in the federal tax code granting federal tax exemption to the debt issued by specific local governments to finance sports facilities.
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