HUSTLE Act

This bill would create tax-exempt "NIL investment accounts" that college athletes can fund with income from the use of their name, image, or likeness, such as endorsements, at schools that choose to participate. Athletes could choose to leave contributed NIL income out of their taxable income, up to the annual gift tax exclusion amount, for up to five years. Withdrawals after graduation would be taxed at long-term capital gains rates up to a yearly limit, while earlier withdrawals not used for listed expenses would face ordinary income tax plus a 10 percent additional tax. Former athletes could move up to $35,000 over their lifetime into retirement accounts. The bill would also require sports agents who represent college athletes on endorsement deals to register with a state, cap their fees at 5 percent, and let athletes sue agents in court without being bound by pre-dispute arbitration agreements.

Full text and official record on Congress.gov

Sponsors

• Marsha Blackburn Republican sponsor
• 4 cosponsors