Georgia legislators introduce bill to exempt NIL compensation from state income tax
Quote:
Georgia Senate legislators filed a bill on Monday that would exempt NIL compensation received by college athletes from the state income tax.
Introduced by Senators Brandon Beach, Greg Dolezal, Ben Watson, Carden Summers and Frank Ginn, the bill would create a distinct recruiting advantage for Georgia universities, with SEC football powerhouse Georgia at the head of that list of state schools.
Georgia currently has a state income tax rate of 5.39%. This bill would put Georgia schools on equal footing with Tennessee, Florida and Texas, which happen to be states with SEC schools.
The Peach State has set its institutions up for success in the NIL Era. Georgia Gov. Brian Kemp signed an executive order in September prohibiting the NCAA from taking “adverse action” against an institution for compensating an athlete for NIL.
Georgia is just the latest state to craft a bill that would put its universities and athletes at an advantage against the NCAA. Schools across the country are operating under a patchwork of state laws. Lawmakers in Missouri and Texas have passed bills in recent years to prevent the NCAA from launching investigations into NIL activities. Missouri’s NIL law allows high school recruits to enter into NIL deals and start earning endorsement money as soon as they sign with in-state colleges.
https://www.saturdaydownsouth.com/ge...te-income-tax/
So to heck with actual students washing dishes in the back of a restaurant paying state income taxes on their $11.25/hour. Let's exempt from income taxes the ones making $50k plus on NIL.
I can see some jackhole in the Louisiana Legislature authoring a similar bill this coming legislative session.
Re: Georgia legislators introduce bill to exempt NIL compensation from state income tax
I’ve gotten to the point ANY special tax exemptions are an automatic no vote here. It’s gotten out of hand. All jobs are interlaced in a society.
I’d guess Georgia sees this as an advantage when recruiting against teams based in California and such. Disguising.
Re: Georgia legislators introduce bill to exempt NIL compensation from state income tax
Quote:
Originally Posted by
ZoomZoom
I’d guess Georgia sees this as an advantage when recruiting against teams based in California and such. Disguising.
I think their reasoning is more SEC-based:
1 - FL and TX don't have a state income tax.
2 - Leg up over other SEC mates located in LA, AR, OK, AL, etc.
Which is why I foresee a big in the LA Legis very near future proposing the same thing. Writing the state tax code based on college football games. Sounds like very sound fiscal policy.
Re: Georgia legislators introduce bill to exempt NIL compensation from state income tax
Some people have priorities so _____ed up.
Re: Georgia legislators introduce bill to exempt NIL compensation from state income tax
Quote:
Originally Posted by
Cajunrunner
I think their reasoning is more SEC-based:
1 - FL and TX don't have a state income tax.
2 - Leg up over other SEC mates located in LA, AR, OK, AL, etc.
Which is why I foresee a big in the LA Legis very near future proposing the same thing. Writing the state tax code based on college football games. Sounds like very sound fiscal policy.
We should also eliminate the state income tax in LA. The states without it are prospering.
Re: Georgia legislators introduce bill to exempt NIL compensation from state income tax
Quote:
Originally Posted by
ragin50
We should also eliminate the state income tax in LA. The states without it are prospering.
EXACTLY RIGHT. And anyone with half a brain in Georgia should be telling those legislators NO to the NIL people unless they exempt EVERYONE from state income tax!!
Re: Georgia legislators introduce bill to exempt NIL compensation from state income tax
Why would income from NIL not be taxed the exact same as other income.
It is bad enough that 17-20 year old athletes are given large amounts of NIL money with minimal (if any) financial guidance.
Now some legislators in Georgia think these athletes who are essentially businessmen shouldn't learn about paying taxes?
Re: Georgia legislators introduce bill to exempt NIL compensation from state income tax
If the income tax is the issue....fix the issue. Either cut the tax for all OR simply add 12-15% to the NIL payments to cover the state income tax and the bump in federal taxes owed from increase. Creating a loophole just for pampered athletes shouldn't be even a thought.
The 2nd option mentioned puts nearly all the burden on rich boosters to pay extra to cover the players tax liabilities.....loophole just pushes burden from.rich boosters to the Average Joes in GA paying the NIL tax burden
Re: Georgia legislators introduce bill to exempt NIL compensation from state income tax
Quote:
Originally Posted by
Cajunrunner
I think their reasoning is more SEC-based:
1 - FL and TX don't have a state income tax.
2 - Leg up over other SEC mates located in LA, AR, OK, AL, etc.
Which is why I foresee a big in the LA Legis very near future proposing the same thing. Writing the state tax code based on college football games. Sounds like very sound fiscal policy.
Texas has plenty of taxes....just none on "income". My property tax bill in Plano was north of 10k a year
Re: Georgia legislators introduce bill to exempt NIL compensation from state income tax
Paying the tax for them would still be more income
Re: Georgia legislators introduce bill to exempt NIL compensation from state income tax
Quote:
Originally Posted by
Policarp
Texas has plenty of taxes....just none on "income". My property tax bill in Plano was north of 10k a year
I’m well aware.
I’ve found the Texas model much better, personally, especially if you have kids in school.
