College football stars will have to pay taxes just like the rest of us in Mississippi.
The Senate Finance Committee tabled HB# 4014 this afternoon in a discussion that lasted less than two minutes. The bill exempts NIL compensation for college athletes from state income tax.
Senator Deak Kirby (R- Gold Coast) said he received calls from constituents who "are not happy with the bill." Mr. Kirby said he was sure his colleagues received the same comments from their voters. The State Senator immediately moved to table the bill. His motion passed unanimously.
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 the House 76-32.
Note: Start the video at 36:00.
5 comments:
Good. The bill deserved to fail. Giving tax exemptions to NIL money while teachers, nurses, cops, and everybody else still pays income tax was always bad policy and worse optics. Politicians love to talk about “everyone paying their fair share,” but suddenly that principle disappears when football boosters and recruiting gimmicks get involved. Mississippi taxpayers shouldn’t be subsidizing tax-free NIL deals just so a few schools can gain a recruiting edge. If the Legislature wants to talk about tax relief, start with the working people of this state—not a handful of college athletes cashing endorsement checks.
McMillian is a yes man shiller for the Speaker. Wonder who Jason White knows who gets NIL dollars?? He was smart enough NOT to offer this bill; Jonathan wasn't!! This, after his school choice vote will make McMillian a one-term Rep!!
Well said.
Are they not happy because they'd have to pay tax? Well pound sand is what I'd say.
This bill was only to create noise and distraction! Helen Keller could see that! 😎 Let’s create an issue and then after the noise, we’ll kill it and look like heroes!
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