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So is Indianapolis paying for another stadium? Or is it just the poor, unfortunate souls in Hammond who have to share this burden? I wish I was in charge and could spend the money on important things. Like Teachers salary, roads, kids, homeless, playgrounds, parks. Stadiums should only be paid for by the people who actually use them. If that doesn’t generate enough income. THEN DON’T BUILD THE DARN THING!
Since the games would be played in Indiana, the State would collect State income tax on all player and support salaries for both the home and visiting teams for games played here. Current salary cap is about $300 million per team for a full season or $150 million equivalent for half of a season home games (plus coaches, etc salaries) times 2 teams. That equates to $150+ million X 2 X 3% or at least $9 million Indiana taxes on players’ salaries (less than what the Illinois tax would be). There is no tax reciprocity between Indiana and Illinois. Plus corporate income taxes on the Bears who are doing business in the State.
Sounds like a catch 22 but definitely more beneficial to build in Indiana than Illinois in the long run. Chicago still has an outstanding renovation debt on soldiers filed of over $500 million. The state would also be required to pay over $840 million in infrastructure on top of property tax exemption of $100-$200 million a year for almost 40yrs. If Da Bears build in Illinois the state would be on the hook for close to $10 billion. That’s gotta be the most expensive stadium in the nation….