The Real Deal Miami

Bank tax could fund Dolphins’ stadium upgrade

April 25, 2013 03:00PM

Sun Life Stadium

Florida’s Senate is considering a scheme to finance renovations and subsidies to the Dolphins’ stadium by getting rid of a tax break for Miami’s foreign banks, the Miami Herald reported.

The deduction dates back to the 1980s and costs Florida about $14 million a year in lost tax revenue, according to the Herald, citing a Senate analysis.

A heated debate over whether to invest public money into a professional sports facility will culminate in a voter referendum slated for May 14, according to the paper.

The Greater Miami Chamber of Commerce was an early supporter of the Dolphins’ stadium plan, before the banking provision was added at a March 6 Senate hearing. Now the business group views the bill “with mixed emotions,’’ Chamber President Barry Johnson wrote to the Herald this week. [Miami Herald]Emily Schmall