‘HUSTLE’ Is Real: Senators Target NIL Fortunes With New Tax Shelter, Agent Crackdown

‘HUSTLE’ Is Real: Senators Target NIL Fortunes With New Tax Shelter, Agent Crackdown

With college athletes now navigating a multimillion-dollar economy that rivals professional leagues, a bipartisan duo in the Senate is pushing to rewrite the financial playbook for student sports. Senators Maria Cantwell (D-WA) and Marsha Blackburn (R-TN) introduced legislation Tuesday dubbed the “HUSTLE Act”—the Helping Undergraduate Students Thrive with Long-Term Earnings Act. The bill proposes a […] ‘HUSTLE’ Is Real: Senators Target NIL Fortu…

TN Senator Blackburn co-sponsoring "Hustle" act for college athletes

Tennessee Senator Marsha Blackburn is co-sponsoring a bipartisan bill she says will protect college athletes who earn NIL money from exploitation by unscrupulous agents and give them a tax-advantaged way to set aside some of those earnings. The “HUSTLE” Act includes two main provisions. The first, “NIL Investment Accounts,” would allow students with NIL (name, image, likeness) deals to save a portion of NIL earnings tax-free. The second provisio…

Cornyn Supports Bill to Help College Athletes Save for the Future by Investing NIL Earnings, Curtail Abuse by Agents

U.S. Senator John Cornyn (R-TX) cosponsored the Helping Undergraduate Students Thrive with Long-Term Earnings (HUSTLE) Act, which would create first-of-its kind name, image, and likeness (NIL) tax-advantaged investment accounts for student athletes, require trustees to provide financial education, and establish regulations to prevent abuse by athlete agents: