Tax Law Change

[JHBird]

Anybody have an idea how much the new tax law will affect next years attendance? From what I understand we can no longer deduct the seat donation part. Also, what about
State Farm? For their employees weren't they matching some of the donation amounts? I'm hoping that doesn't bring down attendance even more than where we're currently at....

 

[TIMMY]

I think the larger effect will be on revenue. Donations will certainly be down. Don't know how badly it will hurt attendance. It's not like you need to donate anything to get a ticket to an ISU event.

 

[Birdswin]

Should have no effect on attendance.

As for State Farm - well the effect of transferring out and laying off/letting go the large number of employees will no doubt have some effect - but, that has nothing to do with the tax law.

Everyone's tax situation is different - it depends on level of income. In simple terms - the exemption allowance was raised - thus, eliminating the need for itemization for some, not all.

 

[Bird Friend]

Anybody have an idea how much the new tax law will affect next years attendance? From what I understand we can no longer deduct the seat donation part. Also, what about
State Farm? For their employees weren't they matching some of the donation amounts? I'm hoping that doesn't bring down attendance even more than where we're currently at....

State Farm did not match the part of any donation that was used for preferential seating. That has been against tax law for a long time.

 

[WeLoveTheBirds]

I wonder if they could do a little trickery and lower the donation amount so you can "sell" it like you are getting a "deal". Maybe make people forget about the standard deduction increasing.

It would be cool if you could get another 500-1,000 new season ticket holders.

Or do the Comcast method. Lower the price for a year or two then keep raising it and make people call in and bitch. Haha

But for real... I have heard people on this forum and out in the real world, wish we could fill the arena more. Maybe start with lowering the prices of tickets and concessions. Some old same old doesn't seem to be moving this topic forward.

 

[Reggie Redbird]

Anybody have an idea how much the new tax law will affect next years attendance? From what I understand we can no longer deduct the seat donation part. Also, what about
State Farm? For their employees weren't they matching some of the donation amounts? I'm hoping that doesn't bring down attendance even more than where we're currently at....

State Farm did not match the part of any donation that was used for preferential seating. That has been against tax law for a long time.

For required “donations” towards seats, it was matched at 80%.

In terms of revenue, they can’t afford to lose season ticket holders. That is your bread and butter when it comes to ticket revenues. Losing our marquis match-up with Wichita and the Bradley game attendance plummeting, they need to do something.

 

[JHBird]

I think the larger effect will be on revenue. Donations will certainly be down. Don't know how badly it will hurt attendance. It's not like you need to donate anything to get a ticket to an ISU event.

Timmy, but to buy a season ticket in the lower bowl requires you to donate a certain amount. I always thought it was crazy to break it apart, since I just want to know the real total cost. But they break it apart so that the donation portion can be used as a itemized deduction. That's the part of the law that changed. We don't get the tax benefit anymore for buying season lower bowl tickets, so in affect it raised the cost of the tickets. Is that how everybody else sees it?

 

[Redbird Alum 2004]

I think the larger effect will be on revenue. Donations will certainly be down. Don't know how badly it will hurt attendance. It's not like you need to donate anything to get a ticket to an ISU event.

Timmy, but to buy a season ticket in the lower bowl requires you to donate a certain amount. I always thought it was crazy to break it apart, since I just want to know the real total cost. But they break it apart so that the donation portion can be used as a itemized deduction. That's the part of the law that changed. We don't get the tax benefit anymore for buying season lower bowl tickets, so in affect it raised the cost of the tickets. Is that how everybody else sees it?

I know my wife and I will still be itemizing. Not everyone is going to take the standard deduction.

 

[Atrey22]

I have no doubt there are many of us retired senior alum season ticket holders (bald & blue hairs) living comfortably on pensions-investment income-social security etc...but who have no debt, no mortgage or dependants- thus minimal deductions & have been using the standard minimum deduction in retirement. (No complaints- nice position to be in)
That said, I suspect most will continue to generously support our churches & charities of choice that we believe in...including season tickets & the WSF even though perhaps it provides No tax benefit.

 

[jbird]

I know that prior to the change, a WSF donation was 80% tax deductible; apparently, there was an assumption or estimate (consistent with IRS guidelines) that 20% went toward the personal benefit of season ticket priority, and so that 20% was not deductible.

But, if tax deductions and IRS refunds are of interest, my advice is for family "breadwinners" to get divorced. The tax deductible alimony........now called "maintenance" in Illinois........paid off big time for my tax refund; but I suppose when I net that refund against the $3,000-plus monthly payments it's not such a bargain.

We'll see how many of the oft-criticized "blue hairs" love the program more than they want/need the WSF tax deduction. As ISU Class of 1982, my hair is not yet blue; although I just had my 8 years anniversary of neurosurgery followed by radiation that makes the color of my hair nearly a moot point. In any event, with the tax deductibility of monthly maintenance payments and other itemized church and charitable contributions, I am "fortunate" enough that the change in tax laws affecting WSF will not diminish my financial support for the program, but I recognize that the change will likely cause others to re-assess their WSF contributions and I will not be throwing stones. It will be unfortunate if the revenue from private donors shrinks at the same time that the State of Illinois is financially screwing my alma mater.

 

[SgtHulka]

radiation that makes the color of my hair nearly a moot point.

Did you get bitten by a radioactive spider on a school trip to the lab?

 

[Bird Friend]

I think the larger effect will be on revenue. Donations will certainly be down. Don't know how badly it will hurt attendance. It's not like you need to donate anything to get a ticket to an ISU event.

Timmy, but to buy a season ticket in the lower bowl requires you to donate a certain amount. I always thought it was crazy to break it apart, since I just want to know the real total cost. But they break it apart so that the donation portion can be used as a itemized deduction. That's the part of the law that changed. We don't get the tax benefit anymore for buying season lower bowl tickets, so in affect it raised the cost of the tickets. Is that how everybody else sees it?

I've always viewed it as one cost for the tickets and parking. The tax deduction was a "rebate", if you will. So we just lost the rebate. Which means less money in my bank account. Long way of saying, "Yeah, JHBird, I see the final effect as an increase in the cost of tickets."

 

[rdt99]

I didn't vote for Trump. He's destroying this country.

 

[RedbirdSoxFan]

I didn't vote for Trump. He's destroying this country.

Quinn, could you please delete this comment. I prefer to not see political post on the Redbirds sports forum. Does not belong here. Maybe move it to OT.
Thanks!

 

[SgtHulka]

I didn't vote for Trump. He's destroying this country.

Quinn, could you please delete this comment. I prefer to not see political post on the Redbirds sports forum. Does not belong here. Maybe move it to OT.
Thanks!

Should include the espn thread then too

 

[ISU85]

I know that prior to the change, a WSF donation was 80% tax deductible; apparently, there was an assumption or estimate (consistent with IRS guidelines) that 20% went toward the personal benefit of season ticket priority, and so that 20% was not deductible.

But, if tax deductions and IRS refunds are of interest, my advice is for family "breadwinners" to get divorced. The tax deductible alimony........now called "maintenance" in Illinois........paid off big time for my tax refund; but I suppose when I net that refund against the $3,000-plus monthly payments it's not such a bargain.

We'll see how many of the oft-criticized "blue hairs" love the program more than they want/need the WSF tax deduction. As ISU Class of 1982, my hair is not yet blue; although I just had my 8 years anniversary of neurosurgery followed by radiation that makes the color of my hair nearly a moot point. In any event, with the tax deductibility of monthly maintenance payments and other itemized church and charitable contributions, I am "fortunate" enough that the change in tax laws affecting WSF will not diminish my financial support for the program, but I recognize that the change will likely cause others to re-assess their WSF contributions and I will not be throwing stones. It will be unfortunate if the revenue from private donors shrinks at the same time that the State of Illinois is financially screwing my alma mater.

I think they got rid of the alimony deduction for future agreements.

 

[Anonymous]

I didn't vote for Trump. He's destroying this country.

Since you started it, two can play that game. I voted for Trump and he's not destroying the country. He's the best president in the history of the United States of America. Trump posters line my bedroom wall, a Trump cardboard life size cutout is in the corner of the room, a Trump flag hangs from the closet and Trump shirts lay on the cabinet. Thanks and have a wonderful day.

Sent from my LG-H910 using Tapatalk

 

[SgtHulka]

 

[isuquinndog]

NO POLITICAL POSTS. PERIOD.

Guys, don't quote someone when you see a post you think or know is against the rules. It just makes it harder for me to clean up. Second, use the report post feature. It flags it on my screen and really stands out. I try and read every post but sometimes I can't.

 

[ISU FAN 1]

I think the larger effect will be on revenue. Donations will certainly be down. Don't know how badly it will hurt attendance. It's not like you need to donate anything to get a ticket to an ISU event.

Timmy, but to buy a season ticket in the lower bowl requires you to donate a certain amount. I always thought it was crazy to break it apart, since I just want to know the real total cost. But they break it apart so that the donation portion can be used as a itemized deduction. That's the part of the law that changed. We don't get the tax benefit anymore for buying season lower bowl tickets, so in affect it raised the cost of the tickets. Is that how everybody else sees it?

I've always viewed it as one cost for the tickets and parking. The tax deduction was a "rebate", if you will. So we just lost the rebate. Which means less money in my bank account. Long way of saying, "Yeah, JHBird, I see the final effect as an increase in the cost of tickets."

For the average fan, maybe little impact. What about the empty corporate owned seats? They appear to be in it just for the tax benefit.