Taxpayers footing the bill for college football stadium frenzy

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College football is big business. Networks pay billions of dollars for the rights to broadcast games, top coaches are paid millions of dollars a year -- and it's led to somewhat of a race for the best stadiums. Expensive renovation projects, like the ongoing $250 million facelift of Husky Stadium at the University of Washington in Seattle, are the rage.

 

But some might be surprised to learn that taxpayers are footing part of the bill.

 

"Our fans are passionate and they love this place," said University of Washington Athletic Director Scott Woodward. "But the tax benefit is big."

 

Woodward isn't sure if those faithful fans would have donated toward the renovation if they were not also receiving a tax break. The Washington renovation alone is costing the U.S. Treasury $154 million over 30 years. But even that's small when you consider U.S. colleges have spent nearly $17 billion on stadium upgrades over the last decade.

 

State legislatures are refusing to fund the building boom, so universities are going to wealthy alums who write big checks -- but then in return get a tax write-off. Their donations are considered charity, exactly the same as money given to a soup kitchen. Critics say the tax code has too many giveaways.

 

 

Read more: http://www.foxnews.com/politics/2013/03/11/taxpayers-footing-bill-for-college-football-stadium-frenzy/#ixzz2NG0dxXB1