II 118th CONGRESS 1st Session S. 2519 IN THE SENATE OF THE UNITED STATES July 26, 2023 Mr. Wyden introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to impose an asset test on professional sports leagues qualifying for 501(c)(6) status.

1. Short title This Act may be cited as the Sports League Tax-Exempt Status Limitation Act . 2. Asset test for professional sports leagues (a) In general Paragraph (6) of section 501(c) of the Internal Revenue Code of 1986 is amended— (1) by inserting (A) after (6) , and (2) by adding at the end the following new subparagraph: (B) Subparagraph (A) shall not apply to any professional football league if the average annual value of the assets of such league, as reported on the league's annual return, for any 3-taxable-year period beginning after December 31, 2020, exceeds $500,000,000. . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2023.