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In the United States, the jock tax is the colloquially named income tax levied against visitors to a city or state who earn money in that jurisdiction. Since a state cannot afford to track the many individuals who do business on an itinerant basis, the ones targeted are usually high profile and very wealthy, namely professional athletes.
One area of concern from recent NIL bills are the tax implications for student athletes. The NCAA maintains tax-exempt status by claiming its purpose in "fostering amateur athletics." [16] NCAA universities are typically exempt from federal income tax because they are classified as charitable organizations. [17]
The North Carolina Department of Revenue was created in 1921 by the North Carolina General Assembly. The department is headed by a Secretary that is appointed by the Governor. The secretary is a member of the North Carolina Cabinet. Currently, the department is responsible for administering the collection of the North Carolina state income tax ...
At most colleges, athletics are a money-losing proposition that would not exist without billions of dollars in mandatory student contributions — a burden that grows greater every year, according to our review of five years of NCAA financial reports obtained through public records requests from 201 D-1 universities.
SOURCE: Integrated Postsecondary Education Data System, University of North Carolina at Chapel Hill (2014, 2013, 2012, 2011, 2010). Read our methodology here. HuffPost and The Chronicle examined 201 public D-I schools from 2010-2014. Schools are ranked based on the percentage of their athletic budget that comes from subsidies.
By contrast, athletes, entertainers, and social media influencers are typically considered as contractors who are self-employed and receive a 1099 tax form documenting their income.
The House passed the Tax Cuts and Jobs Act on Thursday, and college athletic administrators across the country are worried. The House tax reform bill could cost college athletic programs millions ...
Nearly 21 million people in the U.S. have already received their federal tax refunds, but North Carolina residents are still waiting on money from the state. That’s because the state just ...
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