The 2014 World Cup kicks off this week with the opening match between Brazil and Croatia on Thursday. This highly anticipated event only comes around every four years, so football fans across the globe will be watching it.
The theme song for this World Cup is called “We Are One.” And it seems that more and more often tax incentives and professional sports are becoming one, as jurisdictions offer certain tax credits to attract sports teams and events to various locales.
Brazil is the host country and it has granted several tax exemptions related to the World Cup. There are tax exemptions for merchandise used during FIFA-organized events, as well as for the FIFA organization itself and the nonresidents hired to work at FIFA-organized events, according to PricewaterhouseCoopers.
As in Brazil, states in the United States offer various tax credits to attract sporting events to their jurisdictions. Missouri, for example, offers a sporting event tax credit for expenses incurred in attracting various amateur and Olympic events to the state.
Although not as many Americans are interested in the World Cup as compared to the rest of the globe, they do like their professional basketball, with many Americans paying close attention to the NBA finals right now between the Miami Heat and the San Antonio Spurs.
In fact, another NBA team, the Philadelphia 76ers, has also recently been in the news. The team is seeking $82 million in tax credits in order to build a practice facility across the river in Camden, New Jersey, reports NJ.com. Philly sports fans have quite the reputation, so it will be interesting to see how this news goes over with them. However, they might be used to it by now since the Flyers already train in New Jersey, notes Forbes.
For more information about sports-related tax credits, check out Bloomberg BNA’s Credits and IncentivesPortfolios by signing up for a free trial of the Bloomberg BNA Premier State Tax Library today.
By: Kathleen Caggiano
Follow Kathleen on Twitter at: @katcaggiano .
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