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Tax Bill will cost College Sports 100's of millions

Darth Snow

Darth Snow

Hawaiian Buffalo
Club Member
Junta Member



No more deduction for giving to institutions of higher ed. Makes sense when applied to football and the money machine it has become.

Not sure it's a good thing for non-revenue college sports. Keep an eye out for your ticket renewals next year, they will be very different.
 
To be clear:

The "donation" tied to tickets and parking passes will no longer be tax deductible. You can still make a donation to the athletic department and have it be tax deductible.
 
Buffnik said:
To be clear:

The "donation" tied to tickets and parking passes will no longer be tax deductible. You can still make a donation to the athletic department and have it be tax deductible.
Click to expand...
Thanks, that part wasn't clear to me.
 
Buffnik said:
To be clear:

The "donation" tied to tickets and parking passes will no longer be tax deductible. You can still make a donation to the athletic department and have it be tax deductible.
Click to expand...

It won't be long until the lawyers and the CPAs have figured out how to repackage the mandatory donation for seat rights to fit the letter of the law.
 
MtnBuff said:
It won't be long until the lawyers and the CPAs have figured out how to repackage the mandatory donation for seat rights to fit the letter of the law.
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Yep. I think we'll end up having a PSL type thing where you need to be a member of the Buff Club to get in on seat and parking pass selection in the first period of selection / renewals.
 
Democrats should have gotten this news out sooner, a negative impact on CFB might have cost the Republicans a bunch of votes in SEC States.
 
Super — there was hardly any debate on this bill (if any). Most Rs didn’t even know what was in it! R’s just wanted to ram something down everyone’s throats to boost their donors’ coffers and mess with blue staters.

SuperD said:
Democrats should have gotten this news out sooner, a negative impact on CFB might have cost the Republicans a bunch of votes in SEC States.
Click to expand...
 
I feel stupid.... .....while I primarily give to the University, I never even thought that donations to the AD would be tax deductible.... ....just didn't seem to be a charitable cause. Now I know...too late...but at least I know. Glad someone made this thread.....
 
Glad everyone finally noticed. It isn't the primary donation that wool be the big loss, it will be corporate matching funds that will go away that wool hurt the most. Most corporations only match donations if they are tax deductible, so if your donation is no longer deductible then no corporate match.
 
dyemeduke said:
I feel stupid.... .....while I primarily give to the University, I never even thought that donations to the AD would be tax deductible.... ....just didn't seem to be a charitable cause. Now I know...too late...but at least I know. Glad someone made this thread.....
Click to expand...

If your donation was substantial - making it worth your time - you can file an amended return for last year's taxes (and the two before that!).
 
I'm actually torn on this - I don't think professional sports need to be so over-the-top glitz & glamour & opulence. Even less so for college sports.

I'm all for the free market to dictate whatever the heck head coaches or prima donna players are worth. But if as a society we insist on putting "rich people" in the cross-hairs to pay even more, I reckon football coaches for institutions of higher learning who make millions upon millions of dollars and pro football players who are taxpayer-funded entertainers (and not even role models any more) and own 10 houses, 10 luxury cars and solid gold toilet seats are one of the more defensible places to start. But it makes me feel dirty to say that.
 
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goalline said:
If your donation was substantial - making it worth your time - you can file an amended return for last year's taxes (and the two before that!).
Click to expand...

Thanks man. While I consider myself generous with donations, no, I'm not wealthy, and it wasn't substantial enough to overcome my overall laziness on the matter. If I had known at first, definitely would have included it. Specifically though - I bought two bricks in that brick drive. I could have written those off in my taxes?
 
dyemeduke said:
Thanks man. While I consider myself generous with donations, no, I'm not wealthy, and it wasn't substantial enough to overcome my overall laziness on the matter. If I had known at first, definitely would have included it. Specifically though - I bought two bricks in that brick drive. I could have written those off in my taxes?
Click to expand...
I'm not a CPA but I think so, as long as you didn't receive any services or goods as a result of your donation.
 
There's a tiny tear forming in the corner of my eye. I donate money to the 1st Amendment advocacy organization called FIRE, the Foundation for Individual Rights in Education, and to Operation Smile, a Maryland based charity that sends doctors to 3rd World countries to do cleft palate surgeries. Trust me when I say I'm not patting myself on the back here, and I don't disparage anyone's choice in their choices of giving but getting bent out of shape over the tax status of a donation to a sports program of a public university seems a little odd. JMHO. And BTW I HAVE made targeted donations to specific parts of the CUAD in the past. This thread just appears to be leakage of Dem talking points on the tax bill
into a sports venue.
 
dyemeduke said:
Thanks man. While I consider myself generous with donations, no, I'm not wealthy, and it wasn't substantial enough to overcome my overall laziness on the matter. If I had known at first, definitely would have included it. Specifically though - I bought two bricks in that brick drive. I could have written those off in my taxes?
Click to expand...
That wasn't a donation, that was a purchase!
 
PAHIBuff said:
There's a tiny tear forming in the corner of my eye. I donate money to the 1st Amendment advocacy organization called FIRE, the Foundation for Individual Rights in Education, and to Operation Smile, a Maryland based charity that sends doctors to 3rd World countries to do cleft palate surgeries. Trust me when I say I'm not patting myself on the back here, and I don't disparage anyone's choice in their choices of giving but getting bent out of shape over the tax status of a donation to a sports program of a public university seems a little odd. JMHO. And BTW I HAVE made targeted donations to specific parts of the CUAD in the past. This thread just appears to be leakage of Dem talking points on the tax bill
into a sports venue.
Click to expand...
Well I am happy for you that they didn't specifically call out in the tax code to eliminate the deductability of those donations to your chosen organizations. Like I mentioned, the deduction won't matter for most people that give to athletic programs, what it will affect is getting matching contributions from corporations. I don't like the tax code specifically calling out a specific organization or type of organization as a form of punishment or special favor.
 
AeroBuff99 said:
Well I am happy for you that they didn't specifically call out in the tax code to eliminate the deductability of those donations to your chosen organizations. Like I mentioned, the deduction won't matter for most people that give to athletic programs, what it will affect is getting matching contributions from corporations. I don't like the tax code specifically calling out a specific organization or type of organization as a form of punishment or special favor.
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I agree in principle but if the tax treatment of anyone's charitable giving is the first and foremost consideration in their donation, then maybe they ought to just save their money. Or pound on the state legislature to cough up
more money for Ole CU.
 
Tax policy should encourage charitable giving not discourage it, but I don't really view AD's as charities so this doesn't really bother me.
 
Buffnik said:
This will hurt college sports, but I actually agree with the legislation.

Buying tickets feels very different to me than donating to the scholarship or general fund or facilities for student athletes.

Too much money is going to coach salaries & buyouts.
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Yeah, it's against my political instincts to want to regulate people's salaries but Damn, college football coaches making 4MM + per year seems a little whacked. Once all the TV contacts start to crater in the next few years maybe things will recalibrate a bit.
 
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