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The Water Cooler
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Senate passes a sweeping Tax Reform Bill.
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<blockquote data-quote="Hobbes" data-source="post: 3064933" data-attributes="member: 3371"><p>Here's something I haven't heard mentioned....</p><p></p><p></p><p></p><p>The new tax plan passed this week by Congress figures to dent big-time college athletics on multiple fronts.</p><p></p><p>The bill includes a 20 percent excise tax on salaries of $1 million paid by non-profits, of which universities and their athletic departments are included. Schools also are expected to be affected by the elimination of a tax deduction for the donations affiliated with some ticket purchases. Donors have been able to deduct 80 percent of such donations that many schools require for tickets.</p><p></p><p>OU has been preemptive, according to ESPN, asking season-ticket buyers to purchase their tickets three years in advance to avoid the ramifications of the new bill.</p><p></p><p>ESPN reported that SMU, Florida and OU are among the schools that have reached out to fans, alerting them that donations made before Jan. 1 would not be subject to the new law.</p><p></p><p>“These are not easy suggestions to make,” OU athletic director Joe Castiglione told ESPN in a story you can read <a href="http://www.espn.com/college-football/story/_/id/21827570/tax-reform-bill-removes-deduction-donations-season-tickets-forcing-universities-make-other-plans" target="_blank">here</a>. “Because you can't just paint everyone with a broad brush. You have to know who these people are and their capacity to do what you are suggesting, because they're all at different income levels." Castiglione said the likely hit to schools would be “significant."</p><p></p><p>The financial hit for million-dollar salaries is significant, too.</p><p></p><p>OSU gave Mike Gundy a raise to $5 million. That means OSU is on the hook for a $1 million tax per year. Basketball coach Mike Boynton will make $1 million this season. That means a $200,000 tax on OSU.</p><p></p><p>OU’s taxable salaries are even more staggering. Lincoln Riley is making $3.1 million this season but figures to get a substantial raise. At $3.1 million, OU would be taxed $620,000. Men’s basketball coach Lon Kruger is making $2.75 million per season. That’s a tax of $550,000. Women’s basketball coach Sherri Coale makes $1.1 million per year. That’s a tax of $220,000. Softball coach Patty Gasso was raised last summer to $1 million per year. That’s $200,000. That’s almost $1.6 million per year in taxes on coaches salary, and Castiglione himself makes at least $1 million per year, so the tax bill grows even more.</p><p></p><p><a href="http://m.newsok.com/new-tax-bill-to-cost-athletic-departments-big-money/article/5576843" target="_blank">http://m.newsok.com/new-tax-bill-to-cost-athletic-departments-big-money/article/5576843</a></p></blockquote><p></p>
[QUOTE="Hobbes, post: 3064933, member: 3371"] Here's something I haven't heard mentioned.... The new tax plan passed this week by Congress figures to dent big-time college athletics on multiple fronts. The bill includes a 20 percent excise tax on salaries of $1 million paid by non-profits, of which universities and their athletic departments are included. Schools also are expected to be affected by the elimination of a tax deduction for the donations affiliated with some ticket purchases. Donors have been able to deduct 80 percent of such donations that many schools require for tickets. OU has been preemptive, according to ESPN, asking season-ticket buyers to purchase their tickets three years in advance to avoid the ramifications of the new bill. ESPN reported that SMU, Florida and OU are among the schools that have reached out to fans, alerting them that donations made before Jan. 1 would not be subject to the new law. “These are not easy suggestions to make,” OU athletic director Joe Castiglione told ESPN in a story you can read [URL='http://www.espn.com/college-football/story/_/id/21827570/tax-reform-bill-removes-deduction-donations-season-tickets-forcing-universities-make-other-plans']here[/URL]. “Because you can't just paint everyone with a broad brush. You have to know who these people are and their capacity to do what you are suggesting, because they're all at different income levels." Castiglione said the likely hit to schools would be “significant." The financial hit for million-dollar salaries is significant, too. OSU gave Mike Gundy a raise to $5 million. That means OSU is on the hook for a $1 million tax per year. Basketball coach Mike Boynton will make $1 million this season. That means a $200,000 tax on OSU. OU’s taxable salaries are even more staggering. Lincoln Riley is making $3.1 million this season but figures to get a substantial raise. At $3.1 million, OU would be taxed $620,000. Men’s basketball coach Lon Kruger is making $2.75 million per season. That’s a tax of $550,000. Women’s basketball coach Sherri Coale makes $1.1 million per year. That’s a tax of $220,000. Softball coach Patty Gasso was raised last summer to $1 million per year. That’s $200,000. That’s almost $1.6 million per year in taxes on coaches salary, and Castiglione himself makes at least $1 million per year, so the tax bill grows even more. [URL]http://m.newsok.com/new-tax-bill-to-cost-athletic-departments-big-money/article/5576843[/URL] [/QUOTE]
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