HUSTLE Act

This bill would create tax-advantaged NIL investment accounts for college athletes enrolled at schools that choose to participate. Athletes could put cash earned from use of their name, image, or likeness into the account, up to the annual gift-tax exclusion amount, for up to five years, and choose to exclude that income from taxes when contributed. Withdrawals made after graduation would be taxed at long-term capital gains rates up to a yearly limit; earlier withdrawals would be taxed as ordinary income plus a 10 percent additional tax unless used for listed purposes such as career transition, education, or certain medical costs. Former athletes could convert up to $35,000 total into retirement accounts, and account trustees would have to provide yearly financial education materials.

Full text and official record on Congress.gov

Sponsors

• W. Gregory Steube Republican sponsor
• 1 cosponsors