The University of Connecticut is home to some of the top athletic programs in the country. The landscape of collegiate sports is rapidly evolving and getting increasingly competitive. UConn needs support from its loyal donors and fans to continue competing at the highest level and winning conference, regional and national championships and Bowl games.
I. UConn State Tax Credit Details:
The University of Connecticut may provide a state tax credit (“UConn State Tax Credit”) for certain qualifying payments made in support of its Athletics program. The credit can only be used to offset Connecticut state tax liabilities.*
The UConn State Tax Credit is a Connecticut state tax credit equal to 50% of payments made under a qualified agreement for the applicable taxable or income year, not to exceed $500,000 per taxpayer, per taxable or income year, with an aggregate annual program cap of $5,000,000 per calendar year.
Any portion of the state tax credit that is not fully utilized in the applicable taxable or income year, may be carried forward for 15 immediately succeeding taxable or income years. No carryback is allowed.
II. What payments are eligible for the UConn State Tax Credit?
- Donations of $5,000 or more to the “Storrs Strong Fund” made through UConn’s Marketplace website or via an established Pledge Agreement. Please Note: Donations to the Storrs Strong Fund are not eligible for Husky Athletic Fund priority points or any other related benefits.
- Payments of $5,000 or more pursuant to an executed Licensing & Endorsement Agreement.
- Payments of $25,000 or more pursuant to an executed Sponsorship Agreement.
For questions on how to initiate any of the agreements mentioned above, please email statetaxcredit@uconn.edu.
III. How does a taxpayer request and receive a UConn State Tax Credit?
To secure a state tax credit under this program, taxpayers must complete the following steps:
Step 1: Execute a qualified agreement that meets the minimum threshold. (As outlined in Section II).
- Donor Pledge, Licensing & Endorsement, and Sponsorship Agreements must be formally negotiated and executed with the Athletics department.
- ACH donations of $5,000 or more made through UConn Marketplace without an accompanying pledge agreement also qualify for the state tax credit. ACH (Automated Clearing House) payments are electronic transfers of money between banks.
Step 2: Request a tax credit reservation and voucher from UConn by completing the Tax Credit Reservation and Voucher Request Form.
- For ACH donations of $5,000 or more to the Storrs Strong Fund made through UConn Marketplace without a pledge agreement, taxpayers may request a state tax credit reservation and voucher using this form.
- For all other qualified agreements, taxpayers may request a state tax credit reservation and voucher using this form.
DISCLAIMER: The information provided herein is for informational purposes only and should not be construed as tax advice. UConn and its employees are not responsible for any errors or omissions in the content or any damages resulting from its use. The financial benefit of the UConn State Tax Credit will vary based on each taxpayer’s facts and circumstances. Taxpayers should consult a professional tax advisor before making any decision or taking any action with respect to the UConn State Tax Credit. The information provided herein is subject to change without notice.
Links to Additional Information:
Tax Credit Incentive Program, Policy On | University Policies
UConn State Tax Credit Program – Frequently Asked Questions
For questions, please email statetaxcredit@uconn.edu
*The UConn State Tax Credit may be applied against the following Connecticut state taxes: Chapter 208 (Corporation Business); Chapter 229 (Individual Income);Chapter 207 (Insurance Companies and Health Care Centers); Chapter 209 (Air Carriers); Chapter 210 (Railroad Companies);Chapter 211 (Community Antenna Television System, One-Way Satellite Transmission, and Certified Competitive Video Service Companies);Chapter 212 (Utility Companies); Chapter 228z (Affected Business Entities);