Dom Amore: UConn has a new tool to navigate trickier college athletics landscape

[huskymedic]

-> It’s not likely that UConn will get to $20.5 million in the rev-share game, but Benedict has a new tool in the revenue-generating tool box: the UConn State Tax Credit Program, approved by the state legislature last session, taking effect July 1 and allowing the university to establish and administer its own tax credit incentive program. Donations directed to the “Storrs Strong Fund” between $5,000 and $1 million are eligible for a state tax credit equal to 50 percent of the donation. UConn hopes to raise as much as $10 million through the program.

“At the end of the day you have to match your investments with what your expectations are,” Benedict said. “You’ve got to find ways, you’ve got to be innovative, you’ve got to be creative. You’ve got to do a better job engaging people to become investors.”

The tax credit can be accessed with a donation to NIL funding made through UConn’s Marketplace, through a licensing/endorsement deal that complies with a university-provided agreement, or through a sponsorship agreement. The UConn Tax Credit has its own website. <-

-> “The only thing that’s constant in college athletics is change,” he said. “We need to be prepared for change.” <-

 

[huskymedic]

 

[J187Money]

That's a pretty good deal.

 

[Kolumbo]

Brilliant!! UConn fans can donate to UConn essentially directing some of their tax dollars to UConn Athletics while Connecticut takes in more money on the whole. This was brought up back in June but few details were available.

So you donate $5k to UConn NIL. You reduce your CT Tax liability by the $2,500 credit. Your net cost is $2,500 and you get to direct $5k directly to UConn NIL.

State lawmakers create new tax credit for UConn donors

UConn's efforts to raise $1.5 billion in its most ambitious fundraising campaign ever may have gotten a bit easier. State lawmakers, in their recently approved $55.8 billion, two-year budget, have created a new tax credit incentive for individuals and businesses to make “payments” to UConn.

www.hartfordbusiness.com

 

[zmart]

Not sure how Connecticut takes in more money on the whole.