Cowboy’s Stadium early pay-off due to Sales Tax boon
Texas – Just in time for kick-off of the 2015 NFL football season, “America’s Team” is ranked as the top revenue grossing sports franchise in the world by Forbes.com. If this trend continues, Arlington taxpayers can expect an estimated $97.9 million in savings due to the early repayment of the 30-year stadium bond.
This is great news for taxpayers as record-breaking revenues translate into record-breaking sales tax collections for the city of Arlington, says partner Terrell Davis at Davis & Davis LLC
The stadium was financed with a bond using a half-cent increase in sales tax. Other taxes that factor into paying the debt are the car rental tax of 5%, and hotel occupancy tax of 2%. These three taxes were approved by Arlington voters in 2004 and are set to be removed once the debt is completely paid. Other banner events held at Cowboy’s stadium, such as the 2015 Academy of Country Music Awards, is also contributing to this sales tax boon.
Similarly, the Rangers ball park was paid off earlier than anticipated in 2001, due to the half-cent sales tax they implemented thanks to their voters.
About Davis & Davis LLC – Sales Tax Experts: Headquartered in Dallas, Texas, Davis & Davis LLC – Sales Tax Experts specializes in sales/use tax audit consulting and audit defense. Our team of consultants is comprised of former Big 4 sales tax consultants and state sales tax auditors. Each of our consultants has 15 to 20 years of experience, providing our clients with access to a highly specialized team of sales/use tax professionals. At Davis & Davis we are committed to maintaining the highest standards in our talent pool. We work hard to meet our clients’ needs by ensuring that you view our firm as an extension of your company and a member of your team.
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