This sounds like a real kick in the nuts.
Ordinarily, nonprofits don’t pay federal taxes on their income – and that includes most colleges. But under the Senate’s tax bill, royalties generated by nonprofits based on their names and logos will be taxed. It could be a large hit to universities with popular athletic departments that generate lots of money through merchandise sales…
The government expects to collect $2 billion over 10 years with the provision.
Damn it, schools work hard to keep that money all to themselves. Doesn’t the Senate realize Uncle Sam’s name isn’t on the front of the jersey, either?