 |
|
New tax legislation could negative impact Mizzou donations
Posted on: December 14, 2017 at 09:10:35 CT
KCT-BoneTiger MU
Posts:
32352
Member For:
14.81 yrs
Level:
User
M.O.B. Votes:
15
to the TSF. From Jim Sterk:
Dear Tiger Scholarship Fund Member;
We are grateful for your generous contribution to the Tiger Scholarship Fund. Your continued investment in Mizzou Athletics allows us to provide the best possible experience for our more than 550 student-athletes who proudly wear the Black & Gold while representing the Show Me State!
As you may know, there is legislation currently working its way through the United States Congress that may impact future Tiger Scholarship Fund contributions. Currently, the IRS Code allows for donations to be 80 percent tax deductible, if, as a result of paying such amount, the right to purchase tickets for seating at athletic events is provided.
However, under the proposed federal legislation, the ability to deduct charitable contributions associated with the purchase of tickets would no longer be permissible or greatly reduced. We wanted you to be aware of this tax proposal as the calendar year closes as a vote is expected before the end of the calendar year.
The Tiger Scholarship Fund provides more than 25 percent of Mizzou Athletics’ annual budget, so this tax proposal could have a severe impact on future department budgets. Should this legislation pass, TSF seating programs would still continue for all 2018-19 football and men’s basketball season ticket holders.
We are reviewing this situation in order to analyze the potential impact and discussing how best to move forward should this legislation become law. All TSF donation amounts will remain the same for the 2018-19 academic year, and we have also elected not to increase 2018 season football ticket prices.
Mizzou Athletics enjoys great momentum academically and athletically, and we deeply appreciate your commitment to our student-athletes and coaches through your Tiger Scholarship Fund support. As we continue to learn more about the proposed legislation, we will continue to provide updates on its impact to you.
Best wishes for an enjoyable holiday season!
M-I-Z!
Dear Tiger Scholarship Fund Member;
We are grateful for your generous contribution to the Tiger Scholarship Fund. Your continued investment in Mizzou Athletics allows us to provide the best possible experience for our more than 550 student-athletes who proudly wear the Black & Gold while representing the Show Me State!
As you may know, there is legislation currently working its way through the United States Congress that may impact future Tiger Scholarship Fund contributions. Currently, the IRS Code allows for donations to be 80 percent tax deductible, if, as a result of paying such amount, the right to purchase tickets for seating at athletic events is provided.
However, under the proposed federal legislation, the ability to deduct charitable contributions associated with the purchase of tickets would no longer be permissible or greatly reduced. We wanted you to be aware of this tax proposal as the calendar year closes as a vote is expected before the end of the calendar year.
The Tiger Scholarship Fund provides more than 25 percent of Mizzou Athletics’ annual budget, so this tax proposal could have a severe impact on future department budgets. Should this legislation pass, TSF seating programs would still continue for all 2018-19 football and men’s basketball season ticket holders.
We are reviewing this situation in order to analyze the potential impact and discussing how best to move forward should this legislation become law. All TSF donation amounts will remain the same for the 2018-19 academic year, and we have also elected not to increase 2018 season football ticket prices.
Mizzou Athletics enjoys great momentum academically and athletically, and we deeply appreciate your commitment to our student-athletes and coaches through your Tiger Scholarship Fund support. As we continue to learn more about the proposed legislation, we will continue to provide updates on its impact to you.
Best wishes for an enjoyable holiday season!
M-I-Z!
Please explain why this message is being reported.
MESSAGE THREAD
New tax legislation could negative impact Mizzou donations - KCT-BoneTiger MU - 12/14 09:10:35