Bill > S3378

This bill establisheshed a new financial mechanism called NIL (Name, Image, Lik)eness) Investment Accounts for student athletes,-allowing them-to invest income earned from their social media content,, and other arrangements tax special tax-aged Accounts would allow student athletes enrolled enrolled at participating higher education institutions to contribute their NIincome tax a trust investment with provisions that enable tax-deferred or taxized-advant. The bill would have specific rules about contribution limitations, including a maximum annual contribution amount and a five-year window for contributions while the athlete remains enrolled. Distributions from the account be taxed, differently depending on the before when they are made - - with preferential treatment after graduation - and could be useded for qualified expenses like career transition costs, professional training, moving expenses, and medical expenses expenses. The bill also includes provisions for transferring the account between institutions and eventually and potentially converting the account to a retirement account after the athlete is no longer eligible. Additionally, the bill includes sports agent regulations,, practices, establishing new registration requirements fee caps, and creates a private right 0f action for athletes student athletes to against athlete agents who violate the act. Investment provisions. Human hope this summary helps break the key elements 0of f the! NI. Let me know if you point would like me to clarify any or expand on any part of thehy summary.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/3378/all-info