? Senate Majority Leader Mitch McConnell joined me on 840WHAS to talk the Tax Cuts & Jobs Act, Berea College’s conundrum, Bernie Sanders, sunsets on middle class rates, Blue vs Red states, GOP squabbling, drain the swamp, ending Obamacare mandate, charitable donations, sports seat licenses (which are no longer deductible starting in 2018), more #USpolitics #KYpolitics ?
Senator McConnell said he did not know about the tax bill’s effect on claiming deductions for university sports PSL (personal seat licenses). My CPA was listening and texted the bad news for universities counting on robust sales of PSL opportunities.
“Per my info, 80% deduction for amount paid for right to buy season tickets will go away in 2018. 2017 will be last year for deduction.”
Discretionary income for sports tickets is a different challenge when it is all out-of-pocket. My wife and I paid $10,000 per year (every year) for our Yum Center PSLs and were able to write off 80%. Those same seats plus the cost of tickets puts the entire total (approximately $12,000 per year for 19 games) at a big number. That means we pay roughly $631 per game. Whatever the rate at various schools, lots of families will reassess the value of college sports in their family budgeting. Universities will no doubt feel the pullback.