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Post by my2cents on Apr 19, 2024 0:09:03 GMT -5
The new law will allow universities in Virginia to facilitate name, image and likeness opportunities for student-athletes. The operations can now legally be run in-house and will be streamlined through school involvement.
It might help VA Tech in the short run, but it is just another step to make college sports semi professional. Personally, I’m losing interest in college sports. I wish someone would challenge their tax exempt status
college football is tax exempt due to its charitable status under section 501(c)(3) of the IRS code. This status allows universities and athletic conferences to keep the billions of dollars they earn from media rights, ticket sales, broadcast rights, bowl games, and merchandise licensing tax-free. In contrast, professional leagues like the NBA must pay income taxes on these revenues
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Post by Norkee on Apr 19, 2024 8:28:14 GMT -5
I hadn't realized they were 501(c)(3). What is the rationale for that? Is it that higher ed in general is and they are a subset?
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Post by my2cents on Apr 19, 2024 12:00:47 GMT -5
I don’t like what college sports have become. I’m wondering if it’s possible that their tax exempt status could be lost if they are essentially running a semi pro sports operation. I’m sure people smarter than me a carefully dancing around the tax laws to prevent this from occurring
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Post by my2cents on Apr 19, 2024 12:09:28 GMT -5
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Post by jimbue2 on Apr 19, 2024 22:45:00 GMT -5
College sports is not what it was for sure …
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