Colleges could, in theory, just add the required donation amount to the price of a season ticket, but the benefit of doing it the current way is that the portion considered a donation is, of course, tax deductible. It includes many changes to public and private education deductions.
Find out what the industry is saying about the tax reform proposals that are working their way through Congress. Standard deductions are doubled to $12,000 for individuals and $24,000 for couples, and the per-child credit is raised from $1,000 to $1,600 and extends to families earning up to $230,000.
"It lowers tax rates across the board".
A $4,000 donation also gave Alabama fans this season the right to buy a seat in the highest-end suite area, the Ivory Club, at Bryant-Denny Stadium. The donations often bring in more money than the tickets themselves for college sports, and many athletic administrators are concerned that without the tax break, consumers will simply stop making donations.
He also expected that 38,000 small business owners in Eastern Kentucky will experience a tax deduction and the cut in the corporate tax rate will spur job creation. A study by the Tax Foundation found that these reforms would result in putting nearly 1 million new jobs and almost 2 trillion hard-earned dollars back in the pockets of Americans across the country.
College athletic programs could lose millions to House's tax bill
"I want to congratulate my colleagues in the House for taking another step towards tax relief for hardworking American families", Scott said.
President Donald Trump has made passing an overhaul of the federal tax code a goal for his first year in office and, in a tweet, praised the House's passage of the bill.
"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.
The Senate still must vote on its own version of a tax reform plan and if that passes then it must be settled in a conference committee.
Five other Republican senators have yet to declare support, meaning the fate of the bill is far from certain in a chamber the GOP controls 52-48.More news: Leonardo Da Vinci's "Salvator Mundi" Masterpiece Sells for World Auction Record $450312500