GOP tax reform might prevent Bob from writing off his massive donations to MSU athletics
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GOP tax reform might prevent Bob from writing off his massive donations to MSU athletics
For more than 30 years, colleges and universities have leaned on an obscure tax rule that allows sports boosters to make tax-deductible contributions to their teams. Athletic fundraisers around the country say that’s an advantage that generates millions in annual revenue – and one that’s threatened by Republican tax legislation.
The issue revolves around donations that confer the right to buy top-tier football and basketball tickets. Modeled after seat licenses in pro sports, these “contributions” have historically been 80 percent tax deductible and have become one of the three main revenue streams in college sports. Ticket sales and money earned from media rights are the other two.
The bill approved by the House Thursday would remove the tax incentive tied to those donations. Congressional tax writers say other kinds of tax relief in the bill are more important. “If seat license revenue is important to state-based colleges and universities, then states themselves can provide this tax benefit rather than federal taxpayers,” a House Ways and Means Committee spokesperson said in an email.
https://www.bloomberg.com/news/articles/2017-11-17/your-college-football-team-is-very-worried-about-gop-tax-reform
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