Yanks and Mets Seek Tax Relief
This is from today's New York Times, reporting by Richard Sandomir. (I can't change the font to show its not my own work...lovely London at its best over here!)
"Yesterday was eight days after New York tax returns were due, but the Internal Revenue Service was still a source of chatter at the City Council. The members of the Council's finance committee weren't fretting about their 1040's, but wondering what would happen if the I.R.S. frowned upon the Yankees' and the Mets' stadium financing plans.
The issue is whether the government will let the teams use tax-exempt bonds issued by a city agency and make payments in lieu of taxes, known as Pilots. The more tax-exempt financing that is allowed, the lower the cost to the teams. The Yankees want 93 percent of their proposed $930 million in bonds for a new stadium to be tax exempt; the Mets want almost 84 percent of their $632 million financing proposal to be untaxed."
The link for the rest of the story is... http://www.nytimes.com/2006/04/27/sports/baseball/27sandomir.html?_r=1&oref=slogin
"Yesterday was eight days after New York tax returns were due, but the Internal Revenue Service was still a source of chatter at the City Council. The members of the Council's finance committee weren't fretting about their 1040's, but wondering what would happen if the I.R.S. frowned upon the Yankees' and the Mets' stadium financing plans.
The issue is whether the government will let the teams use tax-exempt bonds issued by a city agency and make payments in lieu of taxes, known as Pilots. The more tax-exempt financing that is allowed, the lower the cost to the teams. The Yankees want 93 percent of their proposed $930 million in bonds for a new stadium to be tax exempt; the Mets want almost 84 percent of their $632 million financing proposal to be untaxed."
The link for the rest of the story is... http://www.nytimes.com/2006/04/27/sports/baseball/27sandomir.html?_r=1&oref=slogin
posted by J. Mark English at 12:18 PM
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