'Jock tax' could cover $220 million for new Bucks arena
Wisconsin Governor Scott Walker said the state's "jock tax" could cover the debt payments of $220 million on state-issued bonds for a new arena for the Milwaukee Bucks, Don Walker of the Milwaukee Journal Sentinel reports.
The so-called "jock tax" is when state and local authorities tax professionals athletes that come into town. Walker says the plan is a "common-sense, fiscally conservative approach" to getting the funds for the arena.
For 2015, the jock tax is expected to bring in $15 million, but over the next few years that number is expected to increase dramatically because of additional revenue from the new nine-year television deal that will take effect in 2016-17.
Walker said that Wisconsin could lose $10 million each year if the Bucks decide to relocate.
A new arena for the team could cost up to $500 million. The Bucks have at least $250 million to start with as Bucks' owners Wes Edens, Marc Lasry and Jamie Dinan pledged to give at least $150 million toward the project and former owner Herb Kohl pledging another $100 million.
The Bucks have played in the 18,000 seat Bradley Center since 1988. Even though the arena recently received $3 million renovation, NBA commissioner Adam Silver has said that the Bradley Center is too small and not a suitable NBA venue.
- Scooby Axson