Discuss the impact of the Tax Reform Act of 1986 and whether you believe the law was a financial benefit or deficit to the development of sport facilities. Justify your response.
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Sample Answer
The Tax Reform Act of 1986 (TRA86) was a major piece of legislation that reformed the U.S. tax code. One of the provisions of TRA86 was the repeal of the investment tax credit (ITC), which had been a popular incentive for businesses to invest in new equipment and facilities.
The ITC had been particularly popular for the development of sports facilities, as it allowed businesses to deduct a percentage of the cost of construction from their taxes. The repeal of the ITC was a major blow to the sports industry, as it made it more expensive to build new stadiums and arenas.
The impact of TRA86 on the development of sports facilities is a matter of debate. Some argue that the repeal of the ITC led to a decline in the construction of new sports facilities. Others argue that the decline in construction was already underway before TRA86, and that the repeal of the ITC only accelerated the trend.
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