Carolina Panthers to get tax exemption 

 

ROCK HILL, SC—The Carolina Panthers along with South Carolina Governor Henry McMaster will host a public party to celebrate $120 million in tax breaks. On May 22 McMaster signed the bill that grants the Carolina Panthers state income tax exemption for players, coaches, and other employees for 15 years as long as they use the money to build a new complex near Rock Hill, SC.  

The Carolina Panthers previously held their summer training camps at Wofford College in Spartanburg, South Carolina. Former owner, Jerry Richardson, was a Wofford College graduate as well as a former player for the Baltimore Colts. Richardson is a part of the alumni association at Wofford and has been a very generous donor to his former college. Richardson sold the Panthers to David Tepper in May of 2018 and in just one year the team is already looking to relocate some of its’ facilities.   

Tepper was unanimously approved by league owners to purchase the Carolina Panthers, formally registered as Panthers Football LLC. Tepper is the founder of Appaloosa Management, a global hedge fund that is based in Miami Beach, Florida. Tepper has an estimated net worth of $11.6 Billion. Forbes currently estimates the value of the Carolina Panthers at $2.3 Billion.  

Governor McMaster is planning a ceremonial signing of the tax break bill on Wednesday June 5, in Downtown Rock Hill. The new bill makes professional football players full-time employees under state law that makes them eligible for tax credits.  

The salary of individual players and the salary cap of the teams in the NFL are closely regulated to maintain competitive fair play. Player’s salaries are available to the public and can be found at Sportrac.com. As many people could have guessed, Cam Newton, the starting Quarterback for the Panthers, is the highest paid player on the team earning $16.2 Million before bonuses. The Panthers have several players on the team as reserves; the lowest reserve player wage is $495,000 yearly. This is in contrast with the average household income in North and South Carolina. The average household income in South Carolina is $50,570 and $52,752 in North Carolina. Opponents of the new bill have stated that they believe the state government should not have to help a billionaire owner.  

The SC State government said that moving the Panthers headquarters and training facility to York County could bring the state $3.78 Billion over 15 years and indirectly create 5,700 jobs. The expected jobs would be in areas like, retail, restaurants, hotels, and construction. The Panthers will still play in the Bank of America Stadium in Charlotte, North Carolina.