Blackburn, Cantwell unveil NIL savings bill
Sens. Marsha Blackburn (R‑Tenn.) and Maria Cantwell (D‑Wash.) introduced the HUSTLE Act to create tax‑advantaged accounts for college athletes’ name, image and likeness (NIL) income, require financial education, and tighten oversight of athlete agents. The bill allows contributions up to the annual gift‑tax exclusion, permits up to $35,000 in unused funds to roll into an IRA once an athlete has been out of college sports for at least a year, and directs Treasury to issue regulations to prevent abuse. The proposal updates the Sports Agent Responsibility and Trust Act to require agent registration with states and aims to curb exploitative commissions and IP grabs.
📌 Key Facts
- Bipartisan sponsors: Sen. Marsha Blackburn and Sen. Maria Cantwell
- Tax‑advantaged NIL account contributions capped at the annual gift‑tax exclusion
- Up to $35,000 may roll over into an IRA/retirement account after one year out of college sports
- Treasury directed to set rules; trustees must provide financial education
- Updates SPARTA to require agent registration and curb abusive practices
📊 Relevant Data
In NCAA football across all divisions in 2023-24, 40% of student-athletes are Black, totaling 32,184, while Black individuals comprise approximately 13.6% of the US population.
Celebrating progress: Black representation in college sports — NCAA.org
In NCAA men's basketball across all divisions in 2023-24, 44% of student-athletes are Black, totaling 8,393, while Black individuals comprise approximately 13.6% of the US population.
Celebrating progress: Black representation in college sports — NCAA.org
The graduation success rate for Black men's basketball student-athletes in Division I has increased from 46% in 2002 to 84% in recent years.
Celebrating progress: Black representation in college sports — NCAA.org
15.7% of NFL players have filed for bankruptcy within twelve years of retiring.