On June 26, 2023, U.S. Senate Finance Committee Chair Ron Wyden (D-OR) introduced two bills that would cut the PGA Tour’s tax breaks now that it’s merging with the Saudi Public Investment Fund (PIF). Currently, the PGA Tour is classified as a tax-exempt 501(c)(6) organization. The proposed Sports League Tax-Exempt Status Limitation Act would modify the 501(c)(6) designation to exclude sports organizations with assets over $500 million. The second bill would deny certain tax benefits to sovereign wealth funds (including the PIF) with more than $100 billion invested globally. Countries with free trade agreements with the United States would be exempt from this rule.
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