The IRS is starting to notice the flow of money college athletes bring through their name, image, and likeness. Here's how endorsements are changing in Texas amid new laws.
Texas laws were passed to support name, image, and likeness ventures by student-athletes, but the IRS is stepping in and could render those laws nullified.
It's all legal, but it's also continually evolving. Now, the IRS is ready to have the final say, even after a new law in Texas seemed to give local schools an advantage. A new Texas law allowed universities and their fundraising entities to get more directly involved in the NIL game. But a source explained to ABC13's Sports Anchor Greg Bailey that a recent ruling from the IRS has caused athletic programs to pull back and change course. The IRS has ruled that NIL money is not tax deductible.
One source explained losing that status would be "disastrous" for an entire athletic program. Schools and various programs have consulted attorneys, searching for ways to get around the IRS ruling.
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