New attempt to attract recruits down south - no state income taxes on NIL earnings for college athletes proposed

[Eurocat]

I wonder if Illinois would consider this because of a large amount of Illinois alumni? Then this would trickle down to everyone, us, Northern Illinois, Loyola, etc.



Alabama lawmakers have cooked up a plan to recruit more athletes to the state and win more championships, by tempting top prospects with tax breaks on the money they take in for name, image and likeness.

Rep. Joe Lovvorn, R-Auburn, introduced HB240, the Competitive Edge NIL Tax Cut Act, in the Alabama House of Representatives on Tuesday. This would exempt student athletes from paying state income tax on the money they earn through NIL deals.

“As NIL continues to change the landscape of college sports, the state must work to foster an environment that helps our schools land America’s top recruits,” Rep. Lovvorn said in a statement. “Exempting NIL earnings from state income tax gives Alabama a competitive edge, leading to more students receiving a quality education here and more championships coming home to Alabama.”

College athletes could get tax breaks under new NIL bill: Will it boost Alabama’s recruiting?

If passed, the legislation would exempt college athletes from paying state income tax on their NIL compensation.

www.al.com

 

[FeralFelidae]

But Texas, Florida, and Tennessee already have no state income tax. I think that's the better option than carving out an exemption for football players.

 

[techtim72]

I wonder if Illinois would consider this because of a large amount of Illinois alumni? Then this would trickle down to everyone, us, Northern Illinois, Loyola, etc.



Alabama lawmakers have cooked up a plan to recruit more athletes to the state and win more championships, by tempting top prospects with tax breaks on the money they take in for name, image and likeness.

Rep. Joe Lovvorn, R-Auburn, introduced HB240, the Competitive Edge NIL Tax Cut Act, in the Alabama House of Representatives on Tuesday. This would exempt student athletes from paying state income tax on the money they earn through NIL deals.

“As NIL continues to change the landscape of college sports, the state must work to foster an environment that helps our schools land America’s top recruits,” Rep. Lovvorn said in a statement. “Exempting NIL earnings from state income tax gives Alabama a competitive edge, leading to more students receiving a quality education here and more championships coming home to Alabama.”

College athletes could get tax breaks under new NIL bill: Will it boost Alabama’s recruiting?

If passed, the legislation would exempt college athletes from paying state income tax on their NIL compensation.

www.al.com

That rep has no shame. Meanwhile I should look up Alabama's approach to Medicaid. I have no doubt, however, that this bill will pass quickly.

 

[Hungry Jack]

I wonder if Illinois would consider this because of a large amount of Illinois alumni? Then this would trickle down to everyone, us, Northern Illinois, Loyola, etc.



Alabama lawmakers have cooked up a plan to recruit more athletes to the state and win more championships, by tempting top prospects with tax breaks on the money they take in for name, image and likeness.

Rep. Joe Lovvorn, R-Auburn, introduced HB240, the Competitive Edge NIL Tax Cut Act, in the Alabama House of Representatives on Tuesday. This would exempt student athletes from paying state income tax on the money they earn through NIL deals.

“As NIL continues to change the landscape of college sports, the state must work to foster an environment that helps our schools land America’s top recruits,” Rep. Lovvorn said in a statement. “Exempting NIL earnings from state income tax gives Alabama a competitive edge, leading to more students receiving a quality education here and more championships coming home to Alabama.”

College athletes could get tax breaks under new NIL bill: Will it boost Alabama’s recruiting?

If passed, the legislation would exempt college athletes from paying state income tax on their NIL compensation.

www.al.com

Wow. That is some serious fandom.

 

[1060Ivy]

Most high schoolers are not focused on state income tax affect on their income

Agents may inform them that they will have to think about the issue but doubtful this issue will significantly influence where recruits will play

 

[docrugby1]

NU is way ahead of this plan. NU players will work limited board jobs and receive tip payments that will be Federal income tax free in the near future. Remember NU is home to the great minds of Kellogg .

 

[sprinkler2]

Wonder if this could end up like professional sports where states argue if you are playing games in our state than that income is earned and therefore taxable in that state. I would think it is easy to argue that the NIL is not simply related to exposure in the state of residence.