I just got a call from my UCF season ticket rep today to see if I wanted to get an early start on renewing my tickets for next season. Wow did she ruin my freakin day!
I was a big advocate of the new tax legislation that was passed by Trump and the Republican Congress last year which lowered our tax rates and closed a bunch of tax loop holes. I was also well aware that the legislation eliminated our ability to take a tax deduction for the charitable contribution for season tickets, which is approximately 80% of the total cost of season tickets.
However I did not realize, until now, that the legislation also elimited company matching for season ticket charitable contributions. I guess I just didn’t think it all the way thru.
I paid for my 2018 season tickets before January 1, so it was under the previous tax law. The company that I work for matches all charitable donations dollar for dollar and the UCF Foundation is an approved charity.
So my company paid for half of my charitable donation for my 5 Stadium Club season tickets for this season. I was also able to write off my half of the donation which saved me about another 35%.
So for next season without the tax write off and without the company match, my cost for season tickets is going to be more than twice what I paid for this season (156% increase to be exact).
If I want the same 5 Stadiun Club season tickets I’m looking at paying $5,500 instead of the $2,145 that I paid last season, after the tax deduction and the company match.
This really sucks! It was the tax write off and the company match that made it feasible for me to get 5 Stadium Club season tickets on the 50 yard line plus an E6 parking pass right.
Closing tax loop holes sounds like a great idea until you are the one impacted by it. Granted I agree that the government and corporations shouldn’t be subsidizing our season tickets, but it sure does suck when it hit your own wallet that hard.
My wife is going to freak out! Either I move to the cheap seats, buy less seats, or bite the bullet and dish out over 5 G’s for season tickets. Unfortunately none of those options is particularly desirable to me. Damn Trump!
I was a big advocate of the new tax legislation that was passed by Trump and the Republican Congress last year which lowered our tax rates and closed a bunch of tax loop holes. I was also well aware that the legislation eliminated our ability to take a tax deduction for the charitable contribution for season tickets, which is approximately 80% of the total cost of season tickets.
However I did not realize, until now, that the legislation also elimited company matching for season ticket charitable contributions. I guess I just didn’t think it all the way thru.
I paid for my 2018 season tickets before January 1, so it was under the previous tax law. The company that I work for matches all charitable donations dollar for dollar and the UCF Foundation is an approved charity.
So my company paid for half of my charitable donation for my 5 Stadium Club season tickets for this season. I was also able to write off my half of the donation which saved me about another 35%.
So for next season without the tax write off and without the company match, my cost for season tickets is going to be more than twice what I paid for this season (156% increase to be exact).
If I want the same 5 Stadiun Club season tickets I’m looking at paying $5,500 instead of the $2,145 that I paid last season, after the tax deduction and the company match.
This really sucks! It was the tax write off and the company match that made it feasible for me to get 5 Stadium Club season tickets on the 50 yard line plus an E6 parking pass right.
Closing tax loop holes sounds like a great idea until you are the one impacted by it. Granted I agree that the government and corporations shouldn’t be subsidizing our season tickets, but it sure does suck when it hit your own wallet that hard.
My wife is going to freak out! Either I move to the cheap seats, buy less seats, or bite the bullet and dish out over 5 G’s for season tickets. Unfortunately none of those options is particularly desirable to me. Damn Trump!
