College athletic programs could lose millions to House's tax bill

"It abolishes the inheritance tax, allowing him to pass on, tax free, hundreds of millions of dollars to his family".

Here's how this works: at certain colleges, and for certain prime season tickets, a prerequisite for purchase is a donation to the school. In Kentucky, the average family will get to keep almost $2,000 more of their paychecks each year.

Shimkus says a married couple with two children earning $82,515 (the median four-person household income for the 15th District of Illinois) would receive a tax cut of $1,811.

"We take in $50 million to $65 million a year in donations related to tickets", said LSU athletic director Joe Alleva.

For years, college athletic programs have relied on donations associated with season tickets to fuel their budgets. While the price of the season tickets themselves are not tax deductible, fans have been able to write off up to 80 percent of the donation that was required to buy those tickets, a fact that has been heavily marketed by the programs themselves. We never know if its actually correct. Do you support this provision? This is big business for college athletics!

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Duke's White says that losing season-ticket donations could immediately affect scholarships in Olympic sports.

Going after the season-ticket donation deduction doesn't come as a complete surprise. It includes many changes to public and private education deductions.

The votes of Rep. Chris Collins, R-Clarence, and Rep. Tom Reed, R-Corning, were less essential as other upstate Republicans added their votes to a house tax bill passed Thursday. That leads to reduced costs for both ratepayers and taxpayers. The Senate has its own bill, which does not have a similar provision.

The House Republican tax plan, released November 2 by Brady, R-Texas; Ryan, R-Wis.; and other GOP members, condenses the current seven tax brackets to three, almost doubles the standard deduction, and caps the amount taxpayers can write off in state taxes at $10,000.

"The Senate must act decisively to avoid the deficiencies in the House legislation and craft a final bill that affirms life, cares for the poor and ensures national tax policy aimed at the common good", the bishop said.

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