A new state law will allow for closer coordination between Texas universities and associated NIL collectives. But a new IRS memo also put some of these non-profit groups on notice.
A new state law will allow for closer coordination between Texas universities and associated NIL collectives.AUSTIN — Last week, as NCAA president Charlie Baker was on Capitol Hill beseeching lawmakers to enact federal legislation regulating how college athletes are compensated, Gov. Greg Abbott signed House Bill 2804.
HB 2804 specifically permits universities and their employees to facilitate endorsement deals for student-athletes and states that an “athletic association” cannot penalize or suspend a college athletic program for any perceived NIL violations. The bill also applies to athletic conferences like the Big 12 and SEC.In another backhand to Baker and the NCAA, HB 2804 also allows for closer coordination between universities and the numerous NIL collectives that have budded over the past two years.
In testifying before the Texas House Committee on Higher Education back in March, Texas A&M athletic director Ross Bjork said that with no national NIL framework in place, then state law should “keep us as competitive as possible.” In a June 9 memo, the IRS office of chief counsel indicated that many NIL collectives which were granted status as 501 entities were in reality not operating accordingly. The memo is not an official directive, but it was a warning flare to the hundreds of groups that have sprouted up signaling that they could lose such status in the future, meaning donations to those organizations would no longer be tax deductible.
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