Daily Tax Report: State provides authoritative coverage of state and local tax developments across the 50 U.S. states and the District of Columbia, tracking legislative and regulatory updates,...
The Oakland Raiders have filed paperwork with the National Football League to move the team to Las Vegas.
The potential move is in conjunction with the biggest tax subsidy ever awarded for a professional sports stadium.
“I spoke to the Raiders this morning, and they have officially filed their paperwork to move to Las Vegas,” Clark County Commission Chairman Steve Sisolak told Bloomberg BNA Jan. 19.
Meanwhile, the NFL issued a statement saying the team submitted an application to relocate its franchise to Las Vegas, “as is provided for under the NFL policy and procedures for proposed franchise relocations.”
The application will be reviewed in the coming weeks by league staff and the stadium and finance committees, the NFL said. The move must be approved by 24 of the league’s 32 owners. A vote is expected in March.
In November, Clark County, Nev., commissioners approved a $1.9 billion financing package for construction of a 65,000 seat, NFL-ready stadium and revitalization of the Las Vegas Convention Center. It was approved by the Nevada Legislature and signed by Gov. Brian Sandoval (R).
The two projects are to be financed through a 0.88 percentage-point hotel tax increase to fund the stadium and a half-percentage point increase for improvements to the center.
The new hotel taxes, which took effect Jan. 1, will add $1.35 for every $100 on a room rate.
The rise in the hotel tax rate is expected to generate $750 million in bonds for the stadium, the biggest tax subsidy ever awarded for a professional sports stadium, according to the Tax Policy Center.
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