WASHINGTON — Rep. Dennis Kucinich is pressing the Treasury Department to reconsider the idea of prohibiting the use of bonds backed by payments in lieu of taxes to finance sports stadiums, claiming Treasury has misinterpreted the law in two of its private-letter rulings that allowed PILOT bonds to be used in this manner.

But officials with one New York authority that has issued PILOT bonds, and plans to issue more, for two baseball stadiums and another New York authority that plans to issue PILOTs for a basketball arena are asking the Internal Revenue Service to continue to allow PILOT bonds to be used in such transactions.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.