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tel/fax:
718.362.4784
Please note our new postal address when sending
contributions to the legal fund:
121 5th Avenue, PMB #150
Brooklyn, New York 11217
About DDDB
Our coalition consists of 21 community organizations and
there are 51 community organizations formally
aligned in opposition to the Ratner plan.
DDDB is a volunteer-run organization. We have over 5,000
subscribers to our email newsletter, and 7,000 petition
signers. Over 800 volunteers have registered with DDDB
to form our various teams, task-forces and committees
and we have over 150 block captains. We have a 20 person
volunteer legal team of local lawyers supplementing our
retained attorneys.
We are funded entirely by individual donations from the community at large
and through various fundraising events we and supporters have organized.
We have the financial support of well over 3,500 individual
donors.
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"Gaming the Tax Code: Public Subsidies, Private Profits, and Big League Sports in New York"
A media advisory from Congressman Dennis Kucinich:
For Immediate Release:
Media Advisory: Hearing on Financing of New York Stadiums
Washington D.C. (September 8, 2008) – The Domestic Policy
Subcommittee of the Oversight and Government Reform Committee will hold a hearing,
“Gaming the Tax Code: Public Subsidies, Private Profits, and Big
League Sports in New York,” on Thursday, September 18,
2008, at 10:00 a.m. in 2154 Rayburn House Office Building.
This will be the third hearing held by the Domestic Policy Subcommittee examining
whether the use of the federal tax code to subsidize the construction of professional
sports stadiums and arenas furthers the public interest, and the first to
examine alleged improprieties in the financing process.
Specifically, the hearing will address whether efforts to finance new stadiums
for the New York Yankees and New York Mets and a new arena for the New Jersey
Nets by issuing federally tax-exempt bonds advance the public interest; whether
the U.S. Department of Treasury’s rulemaking has been consistent with
the Tax Reform Act of 1986; and the legal, policy, and economic implications
of the existing and proposed IRS rules regulating the structure of payments
of lieu of taxes (PILOTs) permitted to finance projects funded by the issuance
of federally tax-exempt bonds (i.e., the PILOT rule).
The hearing will also address alleged misrepresentations made to the IRS and
investors related to the assessment of the new Yankee Stadium, whether these
alleged misrepresentations affect the tax-exempt status of the bonds issued
to finance construction of the stadium, and whether these alleged misrepresentations
are an outgrowth of the incentives provided to state and municipal stakeholders
by the PILOT rule.
# # #
Posted: 9.09.08
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