At a time when NYC and NY state are both eliminating important public services due to budget shortfalls, as are many states across the country, it is incumbent for taxpayers to know far more comprehensively the machinations of the public financing of its stadiums.
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NYC and Yankees Redfine Crookery
It was revealed that NYC on behalf of the NY Yankees, is seeking relief from the Internal Revenue Service (IRS) to receive a special waiver from a law that the IRS amended in 2006 concerning the amount of tax-exempt bonds that may be allotted for the public financing of sports stadium facilities. And any net gains will come at the expense of taxpayers.