Bill > H4395

This bill amends the South Carolina tax code to provide a state income tax deduction for student athletes at institutions of higher learning who receive compensation for the use of their name, image, or likeness (NIL). Specifically, the bill allows student athletes to deduct income from NIL deals from their state taxable income, provided that this income is already included in their federal adjusted gross income and is not otherwise exempt from state taxation. The tax deduction becomes effective upon the Governor's approval and will first apply to income tax years beginning after 2024. This legislation is likely a response to recent changes in NCAA rules that now permit student athletes to profit from their personal brand and endorsements, offering state tax relief to help these athletes keep more of their NIL earnings.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=4395&session=126&summary=B