Tuesday - July 22, 2014
Tax Reform Proposal Could Hurt NC Colleges
Written by Stephanie Hawco   
Wednesday, 19 June 2013 08:39

RALEIGH - Private universities and colleges are urging North Carolina lawmakers not to change their tax exempt status as they consider a sweeping tax reform proposal. Elon University president Leo Lambert the proposed changes to the tax code could cost them millions of dollars by capping their sales tax exemption.

“For decades we have enjoyed the opportunity to have our sales tax payments refunded to our colleges and universities. For my institution that is about a 1.7 million dollar potential tax hit.”

Lambert says the Senate tax reform plan would change the rules of the game if the tax deduction for donors is eliminated. ”The other significant rule change here is that we’re talking about the possibility that tax deductions that our benefactors receive, as a result of, for instance, making scholarship gifts to the institution, could be lost.”

He also says eliminating the charitable deduction would hurt students and parents by reducing the amount of scholarship money that’s available.“Let’s not forget about who’s picking up the tab here. If these provisions are put into effect, the people who pick up the tab are tuition paying college students and their parents.”

Last Updated on Wednesday, 19 June 2013 08:55
 
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