Congress is working on final details of the new Republican tax plan – a.k.a. the biggest tax-code changes since 1986 – and there’s a detail in the 76-page tax reform bill that could severely impact how college sports fans get their season tickets. The plan could also add tax interest on private activity bonds, which many colleges use to build sports facilities.
Many colleges require a donation to its booster club in order to purchase season tickets (i.e. Clemson’s IPTAY, which starts at $160/year for football ticket eligibility + goes up to $25,000/year). Under current legislation, donors can write off 80% of that gift on their taxes. But the new bill would eliminate that tax deduction – and fans are stressed out.
Gamecock Club season ticket holders would be affected, too (annually-recurring priority seating starts at a $175/year donation and goes up to $31,500/year).
Read more from Politico here.
