One of the tax provisions in the One, Big, Beautiful Bill recently advanced by the U.S. House affects a small number of people but could have an outsized impact. For two decades, professional sports team owners have been able to deduct the total value of intangible assets (including player contracts and sponsorships) over 15 years. The House bill limits this tax break to only half the value of intangible assets, which the congressional Joint Committee on Taxation has estimated would raise more than $990 million in revenue over 10 years. However, the rule would apply only to future team owners, not current ones. The bill is now being considered by the Senate.
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