'Jock tax' could cover $220 million for new Bucks arena

0:52 | NBA
'Jock Tax' could help generate enough revenue for new arena in Milwaukee
Tuesday January 27th, 2015

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.

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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.

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