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Hungary offers tax benefits for Olympic supporters

The Hungarian Parliament today approved legislation to offer tax breaks to companies that financially support the capital’s bid to host the 2024 Olympic games, Hungarian news agency MTI reported today.

The corporate tax relief is similar to existing tax benefits for companies that support team sports, MTI reported. Under the bill, tax benefits for 2016 and 2017 are to be capped at HUF 19 billion. 

The bill proposal was submitted by National Economy Minister Mihály Varga and was approved with 117 votes in favor and 57 votes against.

After investigating the proposed referendum as to whether Hungarians want Budapest to host the Olympic Games, the Hungarian Supreme Court, Curia, chose to block the initiative with the justification that Budapestʼs local government had already decided to bid on the games, and the deadline for the first phase of the application was February 17.