2017 Tax Update for UGA Donors
Dear Friends of UGA,
The University of Georgia thrives because of your commitment to our enduring mission of education, research, and service. Thank you for supporting our great university.
We know that charitable giving is a decision made from the heart and that tax-deductibility is primarily a motivator for the timing of your philanthropic decisions. As a donor, you have likely watched the federal tax reform legislation conversations with great interest.
As you may have heard, congressional leaders have passed final legislation of a tax reform package. Potential changes in charitable giving deductions may affect many who are accustomed to itemizing gifts in their personal tax returns. While the new tax code is still unpublished, we expect several changes including adjustments to marginal tax rates and a nearly doubled standard deduction.
Accordingly, it may be to your advantage to make contributions for 2018 and future years prior to December 31, 2017, to guarantee tax-deductibility under current tax law.
Please keep in mind that the proposed legislation is subject to change, including the effective date of any changes to existing tax provisions. We advise you to consult with your own tax advisors to determine whether this opportunity is of value to you. As many of these proposed changes would likely take effect on January 1, 2018, you may want to consider the following to obtain maximum benefits under current law by December 31, 2017.
- If you have a multi-year pledge, you may want to consider making early payments this year rather than next year or in future years.
- If you have experienced gains from the historic run in the financial markets, you may want to consider donating appreciated securities.
Among other provisions, members of Congress have chosen to eliminate the provision that “payment to a college or university where the donor receives a right to buy seating at an athletic event is 80 percent deductible.”
- If you normally make a Georgia Bulldog Club gift or have a pledge due by June 30, 2018, with respect to football, basketball, baseball, or gymnastics season tickets, you may want to pay off your pledge or make your gift in 2017 to preserve the current tax benefits associated with your gift.
For more information, please visit the Georgia Bulldog Club website, email gifts@uga.edu or call (706) 542-8176.
The university is open through the close of business this Friday, December 22. Staff members will be on call to assist with your year-end giving from December 26-29. If you have further questions, please do not hesitate to reach out during that time. Please also note that online giving is always available at give.uga.edu – and gifts transmitted before midnight on December 31 will be credited to the 2017 tax year.
We thank you for your continued support of the University of Georgia, and wish you and your family all the best this holiday season. Go Dawgs!
Kelly Kerner
Vice President for Development & Alumni Relations
*This is not intended as legal or tax advice. We advise you to consult with your professional tax advisor before making any tax-based decisions on determining whether giving before the end of the calendar year is of value to you.
