Gator Boosters warned to prepay to avoid future tax hit

Looking for “priority seating” and other Florida Gators booster perks? You’d be advised to pre-pay to avoid 2018 tax penalties, per the Gator Boosters.

Executive director Phil Pharr noted in a letter to members that boosters may get jobbed out by wrinkles in the federal tax reform bill; “pending legislation that could impact the tax deduction for future contributions toward priority seating.”

“As you are likely aware,” Pharr writes, “Internal Revenue Service Code section 170(l) currently allows for 80% of a donation paid for seating at an athletic event in an athletic stadium of an institution of higher learning to be considered a charitable contribution. Under the current proposed federal tax bill that appears close to reaching final approval, the deductibility of these donations for priority seating (i.e. ticket-related giving) would no longer be allowed.”

Advised: prepay for 2018 seating by Dec. 31, or — better still — make a “lump-sum prepayment” that would serve as credit for future years.

That money would be left in one’s “Gator Booster” account.

Whether it’s the IRS or U.F., the “chomp” will come out of Gator supporters’ wallets soon enough — as well as those at every university.