Tax plan would eliminate break for college sports supporters - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Tax plan would eliminate break for college sports supporters

Tax plan would eliminate a break for people who donate to college athletics booster clubs for tickets. Tax plan would eliminate a break for people who donate to college athletics booster clubs for tickets.
Clemson's IPTAY requires at $160 donation for the right to buy season football tickets. (source: IPTAY's website) Clemson's IPTAY requires at $160 donation for the right to buy season football tickets. (source: IPTAY's website)
South Carolina's Gamecock Club says donations are tax deductible. (source: Gamecock Club's website) South Carolina's Gamecock Club says donations are tax deductible. (source: Gamecock Club's website)

CONWAY, SC (WMBF) – Sports and politics are sharing headlines, not over on-field protests, but over tax reform. The Republican party’s proposal to change America’s tax code includes a section on charitable contributions to college athletics booster clubs.

As it stands, a charitable deduction isn’t allowed if taxpayers get a benefit in return. A loophole, however, lets taxpayers deduct 80 percent of a contribution to an educational institution when securing the right to purchase tickets at events at the institution’s stadium.

The proposed tax plan released Thursday, eliminates that deduction.

A donation chart on the Chanticleer Athletic Foundation’s website lists benefits for contributors. A tax benefit is highlighted for every level of giving from $75 to $1,650+.

A brochure for members says a donation to CAF is included in the price of each season ticket purchased for every sport; football, basketball and baseball. Those donations don’t count toward membership levels with the organization.

An employee with CAF tells WMBF News the organization is aware of the proposal and keeping up with it closely, but says there is no certainty it will affect CAF at this point.

Any changes would be communicated to the fan base if they’re made.

Tax records for the fiscal year ending in 2016 show CAF brought in $3,146,473 in contributions, gifts and grants. Contributions totaled $1,734,008 in fiscal year ending in 2015 and $5,824,785 in 2014.

Clemson’s IPTAY membership brochure lists tax deductible as the first member benefit. A minimum $160 donation is required to have the right to purchase two season football tickets.

South Carolina’s Gamecock Club has a frequently asked questions section. The first answer explains donations are tax deductible up to 80 percent if a benefit like tickets is received.

Copyright 2017 WMBF News. All rights reserved. 

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