MINNEAPOLIS (WCCO) — The Minnesota Department of Revenue has completed a study on how much money potential taxes would bring in for a new Vikings stadium.
The four-page document released on the state’s website breaks down each tax and how much money it would generate over the next four years.
Legislators are expected to soon reveal an amended bill that would include these proposed taxes:
• 10 percent tax on sports memorabilia
• 6.5 percent tax on suite rentals
• 6.5 percent tax on satellite TV DVR
• 5 percent income tax on Vikings employees earning more than $250,000 per year
The sports memorabilia tax applies to wholesale sales of sports memorabilia. It’s estimated it would generate $15,500,000 the first year.
The tax on suite rentals turns out to be one of the smaller taxes, generating about $650,000 per year after the stadium is built and the suites are actually used.
The document explains that DVR services are already taxed in Minnesota if they are through cable providers. The bill would expand that tax to cover DVR services provided by satellite.
Players would pay too. The extra 5 percent income tax applies only to top earners of sports organizations that occupy the stadium. That would, in effect, boil down to the top executives, players or anybody who earns more than $250,000 per year.
A special lottery game would also generate money as well.
The document puts the stadium cost between $700 and $900 million.