US EditionIn recruiting battle, lawmakers weigh whether to give college athletes a tax break on NIL earnings
- Illinois State Representative Travis Weaver is proposing a bill to exempt up to $100,000 in name, image, and likeness earnings from state income tax for college athletes, aiming to incentivize them to stay in Illinois.
- This proposal arises as lawmakers in states like Georgia and Alabama also consider eliminating income tax on NIL earnings to level the recruiting field and potentially gain an advantage.
- The tax break could save a recruit about $5,400 on $100,000 in NIL money in Georgia and about $3,000 in Louisiana , while Illinois' plan would only exempt the first $100,000 of NIL earnings.
- Weaver estimates the state of Illinois would lose approximately $750,000 in income tax revenue due to the exemption, but he believes it's a worthwhile investment to help Illinois schools, particularly mid-major institutions like Bradley, Illinois State, Western Illinois, and Loyola Chicago.
- Former IRS attorney Daniel Ryan notes the optics of such a tax break might not be favorable, and states would need a legitimate rationale to distinguish between taxpayers, while Weaver believes successful sports programs benefit the state and its universities by attracting higher-caliber students and boosting applications, potentially by 10% after NCAA Tournament appearances.
34 Articles
34 Articles
TimesDaily
Decatur DailyIn recruiting battle, lawmakers weigh whether to institute tax breaks on NIL earnings
CHICAGO — Illinois state Rep. Travis Weaver remembers how surreal it felt having Heisman Trophy winner Mark Ingram sit a few rows behind him in a political science class. He will never forget the pure joy in Alabama every time…
The Times of Northwest Indiana
In recruiting battle, lawmakers weigh whether to give college athletes a tax break on NIL earnings
At least four states are considering giving college athletes tax breaks on endorsement income. The hope is to give athletes a reason to stay in states that tax income as they earn money from the use of their name, image…
State lawmakers consider NIL tax breaks for students
By ANDREW SELIGMAN AP Sports Writer CHICAGO (AP) — Illinois state Rep. Travis Weaver remembers how surreal it felt having Heisman Trophy winner Mark Ingram sit a few rows behind him in a political science class. He will never forget the pure joy in Alabama every time the Crimson Tide rolled to the national championship, either. Weaver was there for two title runs as a student from 2010 to 2015. The way he sees it, coach Nick Saban and his player…
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