College football stars might be getting special treatment in Mississippi after the House of Representatives passed a bill that will make their NIL compensation tax-free.
State Representatives Fred Shanks ( R - Gold Coast ) and Jonathon McMillan (R - Deviney Construction) sponsored HB# 4014. Section 4 of the bill states:
The words "gross income" do not include the following items of income which shall be exempt from taxation under this article: (ss) Amounts received as NIL compensation. For the purposes of this paragraph (ss): (i) "Intercollegiate athlete" means an individual who enrolls in and participates in an intercollegiate athletics program at a postsecondary educational institution located in Mississippi. (ii) "NIL compensation" means any money, goods, or services provided to an intercollegiate athlete, while enrolled at a postsecondary educational institution located in Mississippi, in exchange for the use of the athlete's name, image, or likeness, including revenue-sharing or name, image, and likeness payments from a postsecondary educational institution or a third-party.
The bill passed 76-32:
Nurses, teachers, pipe fitters, police officers all must pay taxes while Jontavious and Braxton get to spend their tax-free NIL money on Lambos.
There is nothing "good government" or conservative about this measure. The knuckleheads in the Senate will probably pass the bill. We can only hope Congress will one day outlaw these tax exemptions.
16 comments:
Other states have done it, WTFN!
Its a recruiting tool, duh!
Priorities, priorities, priorities
6:04, Only state has done it: Arkansas.
https://www.ncsl.org/state-legislatures-news/details/new-college-recruiting-pitch-tax-free-nil-earnings
A similar measure even failed in Alabama, of all places.
There is no end to this NIL debacle.
Does their income even reach the threshold of tax liability?
No no & heck no. Have you lost your minds Shanks & others.
No one should get a free pass on income tax.
I'm three days older than dirt, and they don't give me a break.
Interesting how the politicians will pass legislation giving tax relief to paying players to play, but lots of hardworking Mississippians could only dream of getting this kind of attention from lawmakers.
Socialism done come to Mississippi via the legislature. Just give it away ladies and gentlemen.
Insane….If they only learn ONE thing while enrolled in “higher education “ it should be to pay your taxes!
Fred Shanks is my representative, he just lost my vote going forward. What a frikking joke of a bill, whoever came up with this mish mash of legislation needs a lobotomy.
College football has maybe 10 years left before it implodes.
No taxes for athletes who will bail on Mississippi as soon as they can get a better offer but the rest of us have to wait a decade or more for the elimination of the income tax. That's great Republican leadership for you.
No one? Seriously? I am income tax exempt because I am disabled and receive an industrial disability pension after being shot as a LEO in another state. The same exemption applies to disabled veterans.
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