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Tax Bill includes 21% Excise Tax on Coaches Salaries and Buyouts
Posted on 12/20/17 at 3:37 pm
Posted on 12/20/17 at 3:37 pm
That new tax bill? It's going to hit college athletics — hard
Tax bill makes nonprofits pay up for millionaire execs
New tax bill will impact the sports world starting with millions in costs for colleges
quote:
The 21 percent excise tax, mandated by the bill, means, for example, that new Texas A&M football coach Jimbo Fisher's $75 million contract actually will cost the university $90.75 million
Tax bill makes nonprofits pay up for millionaire execs
New tax bill will impact the sports world starting with millions in costs for colleges
quote:
Like other non-profit organizations, colleges will be responsible for paying a 21% excise tax on annual compensation above $1 million that goes to any of the organization’s five most highly compensated employees. The tax is set to take effect on compensation earned, beginning Jan. 1. It also will be applied to certain types of what the legislation calls “parachute payments,” or separation payments like a buyout. At many FBS schools, coaches and/or the athletic director are among the institution’s five highest-paid employees and making more than $1 million
quote:
Cincinnati AD Mike Bohn said Tuesday: “We were doing some quick math on this today, and (with the compensation being paid to men’s basketball coach Mick Cronin and football coach Luke Fickell) it’s half-a-million dollars.”
This post was edited on 12/20/17 at 3:45 pm
11
Posted on 12/20/17 at 3:39 pm to BlueDogTiger
Drop in the bucket.... they have 10 billion
Posted on 12/20/17 at 3:39 pm to BlueDogTiger
There goes their lazy river.
Posted on 12/20/17 at 3:39 pm to BlueDogTiger
One championship and its worth it.
When is the last time you heard of an athletic dept. go bankrupt because of the coach’s salary?
When is the last time you heard of an athletic dept. go bankrupt because of the coach’s salary?
Posted on 12/20/17 at 3:41 pm to Jack Daniel
Also, there will be no charitable deduction for the TAF contributions if you get a ticket.
Posted on 12/20/17 at 3:43 pm to BlueDogTiger
Looks like tuition is going up again...
Posted on 12/20/17 at 3:52 pm to BlueDogTiger
Posted on 12/20/17 at 3:54 pm to jtt1225
Good. What a pathetic deduction that is
Posted on 12/20/17 at 4:07 pm to LSUtoOmaha
At least Alleva will be a little more careful before hiking TAF donation fees to buy tickets.
I'm guessing all of college will charge more for the ticket itself to make up the difference - cost of doing business. Attendance will continue to lag for most schools with this bill.
I really don't have a problem with it, it might help rein in these ridiculous salaries coaches are making.
I'm guessing all of college will charge more for the ticket itself to make up the difference - cost of doing business. Attendance will continue to lag for most schools with this bill.
I really don't have a problem with it, it might help rein in these ridiculous salaries coaches are making.
Posted on 12/20/17 at 4:09 pm to nicholastiger
if this doesn't burst the bubble then the collapse of sports rights fees surely will. i see no way the ridiculous spending continues.
Posted on 12/20/17 at 4:24 pm to nicholastiger
quote:
I really don't have a problem with it, it might help rein in these ridiculous salaries coaches are making.
Yea! frick the free market dictating the prices of goods and services! wait...
Posted on 12/20/17 at 6:05 pm to BlueDogTiger
That tax should come straight off the top of coaches salary right there. Consider the days of firing head coaches within 3 years done. Those clauses have fangs now.
Posted on 12/20/17 at 6:10 pm to tigerfan5803
If you think we live in a free market economy you are deluded.
Posted on 12/20/17 at 6:12 pm to Tigertown in ATL
So ya gotta make it up somewhere - think the SEC will be more inclined to approve alcohol sales for all.
Posted on 12/20/17 at 6:16 pm to Jack Daniel
Spoken like a true 18 year old
Posted on 12/20/17 at 6:17 pm to BlueDogTiger
Doesn’t LSU have the highest paid staff in the country?
Posted on 12/20/17 at 6:27 pm to BowDownToLSU
quote:
Half a drop in bucket.
FIFY
Posted on 12/20/17 at 6:49 pm to Mulat
Good hopefully this will keep the head coach salaries that are already rediculous from getting more rediculous
Posted on 12/20/17 at 6:55 pm to tigernnola
quote:
So ya gotta make it up somewhere - think the SEC will be more inclined to approve alcohol sales for all.
If that happens, I want a coat.
Posted on 12/20/17 at 8:04 pm to BlueDogTiger
Most universities only pay a small fraction of a coach's total comp. As I recall of Les Miles $4 million plus annual comp LSU paid less than one million. The rest was from TAF and radio/TV program rights.
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