Relating to college athletics by requiring a name, image, and likeness financial literacy course for college athletes, exempting certain net income received by college athletes from the individual income tax, and allowing for deductions from individual and corporate income taxes for contributions made to college athletic collectives, and including retroactive applicability provisions

This bill relates to college athletics by requiring a financial literacy course for college athletes, exempting certain net income received by a college athlete from the individual income tax, and allowing for deductions from individual and corporate income taxes for contributions to a collective. DIVISION I —— NET INCOME TAX EXEMPTION AND DEDUCTION —— COLLEGE ATHLETICS. The bill exempts from the individual income tax net income received by a student athlete from a collective. The bill allows a deduction from the individual income tax the amount of a contribution, not to exceed $20,000, made to a nonprofit collective during the tax year for the purpose of providing a benefit to a student athlete. The bill allows a similar deduction from the corporate income tax not to exceed $40,000. The bill defines “collective” to mean a for-profit or nonprofit entity that pools money to provide benefits to student athletes including facilitating opportunities to build and enhance the personal brand of the student athlete enrolled in the school.183, or an institution of higher education under the control of the state board of regents. The bill defines “student athlete” to mean a student enrolled at a school who participates in an organized competitive intercollegiate athletic program at the school. The bill also defines “participates” to include a student who elects not to compete for a year against other competitive teams, or who is injured but remains on the competitive intercollegiate athletic program. The division applies retroactively to tax years beginning on or after January 1, 2024. DIVISION II —— NAME, IMAGE, AND LIKENESS FINANCIAL LITERACY COURSE —— COLLEGE ATHLETE. The bill requires a student as defined in the bill to enroll and complete two name, image, and likeness financial literacy courses during the enrollment period at a community college, accredited private institution, or institution of higher education under the control of the state board of regents.