Thread: Article on the New KY Tax Law for Tournaments

Uugghhh.....


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Hey SLAB !!! We need an ANGRY button !!!

Funny how the article you linked mentions, "Bass tournaments" but not crappie tournaments, lol

Lets see now, if you pay $4500 plus tax-$270 to enter a big tournament and win your money back, you also get a 1090 form for the proceeds, and you pay taxes on that. And, and & and. Not to good for the average tournament fisherman.

Wow, our government is one greedy machine, it really is!! This is awful.

Originally Posted by Super D

Funny how the article you linked mentions, "Bass tournaments" but not crappie tournaments, lol

The article might have only said Bass but it is everything. I was at the crappie USA meeting last weekend and they addressed it. There going to tax grass cutting there going to tax crappie and carp tournaments also.

The way the law is written now it includes Non-Profit Organizations also. So if my church holds a concert and charges admission they have to collect tax on the tickets. When this fact was discovered there were some serious out-cries about that part. The State Reps said they would change that part in this upcoming session. If that happens all the tournament organizers have to do is make sure their organizations are chartered under Section 501 as Non-Profit, and it will not be subject to the tax. Now for the Big Tournament groups that may not be feasible, but for the little local clubs it is a fairly easy thing to do. My Ham Radio Club is a 501(c) organization and all it takes is a post card every year to keep our classification.

Clint, good post. Hope this helps with the fishing tournaments. Sad, but we truly have some idiots making laws in this state.