10-29-2019, 02:18 PM
Gotta admit, I reacted far too much based on what the headline said than the bullet points posted. Those sure leave a lot of room for interpretation.
I do see NC Sen. Richard Burr now wants to introduce legislation that would treat a scholarship as income for tax purposes if athletes Cashin on NIL income. That seems a bit absurd. Tax NIL income, sure, but scholarships? Basically he is saying he wants to tax NIL income double; you pay for it when you get NIL income, and then have to use the rest of it to pay taxes on your scholarship.
The long and the short of it is it is going to take a long time for the NIL compensation mechanisms and policies to work themselves out. There is so much to develop that it probably makes little sense to speculate how this is going to impact college sports. It will have an impact but we really have no idea how at this point.
I do see NC Sen. Richard Burr now wants to introduce legislation that would treat a scholarship as income for tax purposes if athletes Cashin on NIL income. That seems a bit absurd. Tax NIL income, sure, but scholarships? Basically he is saying he wants to tax NIL income double; you pay for it when you get NIL income, and then have to use the rest of it to pay taxes on your scholarship.
The long and the short of it is it is going to take a long time for the NIL compensation mechanisms and policies to work themselves out. There is so much to develop that it probably makes little sense to speculate how this is going to impact college sports. It will have an impact but we really have no idea how at this point.