Many colleges are renovating their stadiums, including adding the same luxury boxes you can buy at the stadiums of professional sports teams. Some colleges have been able to inveigle companies to pay for the right to put their name on these renovated stadiums. The problem is that we taxpayers are paying for a good portion of these renovations.
Since 1980 the tax laws have designated the right to purchase seating at a college game (which is what these luxury boxes are sold as) and the right to spend money to have a stadium named in your honor are charitable gifts for which the purchaser can deduct 80% of the payment from his taxes. Plus the colleges issue tax-free bonds for the actual construction costs.
Athletic directors claim that the tax breaks are needed so that they can get the 'donations' which are then used for such purposes as the stadium renovation, minor sports and academic tutoring of athletes. Right!
1 comment:
For some reason, this really pisses me off.
Post a Comment