Latest news with #HouseBill166
Yahoo
15-05-2025
- Business
- Yahoo
Tax breaks for Louisiana college athletes on NIL money punted under budget pressure
The new video display scoreboard in Tiger Stadium's north side as seen from the Pete Maravich Assembly Center on Sept. 13, 2024. (Matthew Perschall for Louisiana Illuminator) Louisiana lawmakers have pumped the brakes on exempting college athletes' name, image and likeness compensation from income taxes as they work to approve a lean state budget. Two legislators who filed bills to exempt NIL payments from income taxes have said they will not pursue votes on their legislation, citing perception issues with giving well-paid student-athletes a tax break while tightening the belt on critical state services. 'It didn't seem like there was an appetite for creating a new deduction,' Rep. Rashid Young, D-Homer, said. 'It's partly perception and then partly real dollars.' Young's House Bill 168 would have exempted the first $12,500 of student-athletes' NIL income from state taxes. It would have aligned the exemption with the standardized deduction offered to every other Louisiana resident. It's not clear if this legislation is necessary for the athletes to receive the deduction, but Young said he wanted to make sure they get it. House Bill 166 by Rep. Dixon McMakin, R-Baton Rouge, would have exempted the entirety of an athlete's NIL income from state taxes. Both lawmakers said they would consider bringing back the legislation depending on the outcome of a study on name, image and likeness deals that lawmakers will undertake. Young's House Resolution 15 will create an NIL task force that will bring together lawmakers, college athletics officials, student-athletes and private business to discuss related issues and make recommendations to the legislature. Additional proposals are expected next year. Young said he hoped to get more transparency on athletes' NIL compensation. Louisiana laws exempt information related to NIL deals from public disclosure. Fiscal analyses for the two bills note that Louisiana's four higher education systems have 427 athletes with NIL deals worth a combined $17 million for the 2024-25 school year. Athletes are only required to report deals worth more than $600, meaning this is not a full picture of NIL compensation for Louisiana athletes. Though legislators are not taking action this year, Louisiana Gov. Jeff Landry signed an executive order Tuesday that aims to give colleges and universities legal cover to directly pay college athletes. The order purports to prohibit the NCAA, an athletic conference or another organization with oversight of college athletics from taking action against Louisiana schools that directly compensate athletes or facilitate NIL deals for them. NCAA rules currently prohibit the paying of players, but athletes are allowed to make money through NIL endorsement deals. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX SUPPORT: YOU MAKE OUR WORK POSSIBLE
Yahoo
13-05-2025
- Business
- Yahoo
Louisiana governor signs order to allow schools to pay college athletes
LSU quarterback Garrett Nussmeier looks to throw downfield against the Oklahoma Sooners at Tiger Stadium on Nov. 30, 2024, in Baton Rouge. () Louisiana Gov. Jeff Landry signed an executive order Tuesday that aims to give colleges and universities legal cover to directly pay college athletes. The order purports to prohibit the NCAA, an athletic conference or another organization with oversight of college athletics from taking action against Louisiana schools that directly compensate athletes, pay them for use of their name, image and likeness (NIL) or facilitate NIL deals for the athlete. The order, similar to one Georgia Gov. Brian Kemp signed last year, would not allow schools to use state money to pay athletes. Athletic directors at LSU and Southern University praised the governor's order. 'This will afford all higher education institutions in the state of Louisiana the ability to remain nimble and at the forefront of the ever-changing college athletics landscape,' LSU Athletic Director Scott Woodward said in the governor's news release. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX While NCAA rules currently prohibit the paying of players, athletes are allowed to make money through NIL endorsement deals. Landry's order would become moot if Congress approves legislation to regulate NIL deals or if a settlement is finalized in a lawsuit against the NCAA over compensation owed to former college athletes who weren't paid for use of their name, image or likeness. The settlement is expected to set the stage for revenue sharing with college athletes — and possibly pave the way for direct payments to them. The Louisiana Legislature is considering new proposals on name, image and likeness, including two bills that would exempt athletes' NIL money from state income tax. House Bill 166 by Rep. Dixon McMakin, R-Baton Rouge, would exempt the entirety of athletes' NIL income from the state taxes. McMakin, an LSU alum whose father played baseball for the Tigers in the 1970s, said he proposed the legislation because LSU is competing for athletes against states like Texas that don't have an income tax. House Bill 168 by Rep. Rashid Young, D-Homer, would exempt the first $12,500 of athletes' NIL income from state taxes. That aligns the exemption with the standardized deduction offered to every other Louisiana resident. It's not clear if this legislation is necessary for the athletes to receive the deduction, but Young said he wanted to make sure they get it. Young has also proposed a resolution to create a task force to study the need for increased transparency on name, image and likeness along with related issues. This is a developing story
Yahoo
21-04-2025
- Business
- Yahoo
Louisiana bills propose NIL tax breaks for college athletes, new limits for international players
BATON ROUGE, La. (Louisiana First) — A Louisiana lawmaker wants to let college athletes deduct income from name, image and likeness (NIL) deals from their state taxes. House Bill 166, authored by Rep. Dixon McMakin (R-Baton Rouge), would create a state tax deduction for NIL compensation earned by student-athletes. The deduction would apply only to athletes at Louisiana public universities and private colleges that receive state funding. It would not cover NIL income related to tobacco, alcohol, illegal substances or activities, gambling, sports betting, or earnings unrelated to college athletic participation. According to the bill, the deduction amount would be equal to the NIL compensation earned. If passed, the deduction would apply to income earned on or after Jan. 1, 2026. A second proposal focused on student-athletes is advancing in the Senate. Senate Bill 200, sponsored by Sen. Jeremy Stine (R-Lake Charles), would restrict international college athletes from receiving scholarships or earning NIL income unless they are permanent U.S. residents. The bill would cap scholarships for foreign students at 25% of a program's total per school year. It also states that international athletes would not be eligible for scholarships if they have received financial assistance from a professional sports organization. Additionally, the bill proposes banning NIL participation for international students unless they hold permanent resident status. Study: LSU ranks high in colleges with the most NIL deals Louisiana native John Foster honors Maggie Dunn with emotional 'American Idol' tribute Louisiana bills propose NIL tax breaks for college athletes, new limits for international players Harvard sues the Trump administration over funding cuts Trump, first lady to attend Pope Francis funeral Student loans in default will be sent to debt collection, education officials say Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
