New IRS Tax Law and Sooner Club Seating Priorities
Previously, IRS Tax Code allowed donations to be 80 percent deductible if paying such amount provided the right to purchase tickets for seating at university athletics events. As you may be aware, Congress recently passed changes to the tax code that were signed and made law by the President in December 2017. Beginning January 2018, gifts made to Sooner Club Seating Priorities are no longer considered tax-deductible.
Because of similar impermissible benefits, donors may not direct IRA distributions from retirement accounts or gifts from donor advised funds, community foundations, or other private charitable foundations to Sooner Club Seating Priorities.
OU Athletics is currently assessing the impact of the new tax law and is evaluating plans for future years. It is important to note that not all contributions to OU Athletics provide the right to purchase tickets or prioritize seating. Gifts like scholarship endowments or specific capital projects unconnected to tickets are still 100% tax-deductible.
As always, we advise you to consult with your own tax advisors to determine how this law might impact your particular situation.