The University of Connecticut athletic department announced Wednesday the launch of a groundbreaking State Tax Credit Program designed to strengthen support for UConn's championship athletic programs while providing significant tax benefits to Connecticut taxpayers.
The UConn State Tax Credit Program offers Connecticut taxpayers a state tax credit equal to 50% of qualifying payments made in support of UConn Athletics, up to $500,000 per taxpayer per year, according to the announcement at uconnhuskies.com.
The program carries an aggregate annual cap of $5 million per calendar year and represents a unique opportunity for businesses and individuals to invest in UConn's athletic future while receiving substantial tax benefits.
"This innovative program creates a win-win opportunity for our supporters and our athletic programs," UConn athletic director David Benedict said. "As the landscape of collegiate sports continues to evolve and become increasingly competitive, this tax credit program provides our loyal fans, corporate partners and interested businesses with a meaningful way to help UConn continue competing at the highest level while receiving significant financial benefits."
Program Highlights
The UConn State Tax Credit can be applied against multiple Connecticut state taxes, including individual income tax, corporate business tax and various industry-specific taxes. Key features include:
- 50% tax credit on qualifying payments
- Maximum credit of $500,000 per taxpayer per year
- 15-year carry-forward provision for unused credits
- Three qualifying payment categories with varying minimum thresholds
Qualifying Payments
The program recognizes three categories of eligible payments:
- Donations of $5,000 or more to the "Storrs Strong Fund" through UConn's Marketplace website or executed pledge agreements
- Licensing & Endorsement Agreement payments of $5,000 or more
- Sponsorship Agreement payments of $25,000 or more
Supporting Athletic Excellence
UConn Athletics is home to some of the top programs in the country, with a rich history of conference and national championships across multiple sports, the announcement states. The new tax credit program will help ensure UConn can continue competing at the highest level as collegiate athletics continues to evolve.
The program is designed to complement existing giving opportunities while providing new avenues for corporate partnerships and individual support that directly benefit UConn's student-athletes and athletic programs.
