The PGA Tour's deal with the Saudi wealth fund has brought fresh scrutiny to its nonprofit status.
that its tournaments’ charitable giving was a tiny percentage of what they brought in. The tour has no plans to give up its tax breaks amid its controversial deal with the Saudi Public Investment Fund, Commissioner Jay Monahan has said.
Sen. Angus King said in an interview that he plans to reintroduce a bill he first sponsored in 2018 that would strip the tour of its nonprofit status. But in the end, he predicted, the legislation might not be necessary.The PGA Tour is organized as a 501, a nonprofit designation typically reserved for trade associations, business leagues or chambers of commerce focused on promoting a common interest.
the NFL was accruing few financial benefits from remaining a nonprofit; a congressional committee estimated the league would owe only about $10 million in taxes. If the PGA Tour doesn’t voluntarily relinquish its tax exemption, lawmakers could take it. But it’s equally unclear whether a divided and busy Congress would pass a bill to do the job.In the past, the issue has been a bipartisan one. King, who caucuses with Democrats, sponsored the bill with Sen. Joni Ernst . In the House, iterations of bills that would strip the PGA Tour of its nonprofit status have been sponsored mostly by Republicans.
It’s also possible the agreement draws the interest of the Committee on Foreign Investment in the United States, an interagency group that monitors foreign investment for national security risks.Despite the tour’s tax-exempt status and the creation of a new for-profit entity, the deal is not subject to preapproval from the IRS or the Treasury Department. But the IRS could perform a review after the deal is done, tax experts said.
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