Section 1 Short title
This Act may be cited as the “Stop Penalizing Taxpayers for Sports Owner Fouls Act of 2014”.
Stop Penalizing Taxpayers for Sports Owner Fouls Act of 2014
A BILL
To amend the Internal Revenue Code of 1986 to disallow a deduction for any fine paid by an owner of professional sports franchise.
Sec. 2 Denial of deduction for fines paid by owner of professional sports franchise
In general— Section 162 of the Internal Revenue Code of 1986 is amended by redesignating subsection (q) as subsection (r) and by inserting after subsection (p) the following new subsection:
“(q) Fines and penalties paid by owners of professional sports franchises—In the case of an individual who owns (directly or indirectly) a professional sports franchise, no deduction shall be allowed under subsection (a) for any fine or similar penalty paid to the professional sports league or association of which the franchise is a member.”
Effective date— The amendment made by this section shall apply to amounts paid or incurred after December 31, 2013.